In the opinion of the FX strategists of the UOB group, the EUR / USD is now targeting level 1.1235 before 1.1285.
24 hour view: “Our view on the recent euro rally to ‘take a break’ was incorrect as it continues to climb (today’s high of 1.1195). Conditions remain severely overbought, but the stubborn rally could extend to 1.1235 before a withdrawal is expected. Support is at 1.1150 followed by 1.1125. “
Next 1-3 weeks: “Yesterday (June 02, spot at 1.1125), we were of the opinion that the” rally in EUR could first take a break for a few days before going to 1.1190 “. Under overbought conditions , EUR extended their lead to slightly over 1.1190 (high of 1.1195) It looks like the rally in EUR is not ready for a break yet, hence the next level to focus on is at 1.1235 followed by 1.1285. On the downside, the level of “solid support” has risen to 1.1095 from yesterday’s level at 1.1045. A break in “strong support” would indicate that the the positive phase which started last week (see annotations in the graph below) has continued. “