United Overseas Bank (UOB) strategists have turned more constructive on the euro after its rebound against the U.S. dollar, with FXStreet reporting that their latest outlook puts $1.1220 in reach.
FXStreet said EUR/USD fell to $1.1103 during early New York trading on Oct. 29, then recovered to $1.1178, up 0.23%. The pair was at $1.1185 in early Asian trading on Oct. 30, the outlet reported.
For the next 24 hours, the report identified $1.1220 as a possible test and $1.1170 as nearby support. It said the euro would need to stay above $1.1155 to preserve upward momentum.
Looking further out, FXStreet said a session close above $1.1220 could put $1.1250 in view. If EUR/USD fell below $1.1130, the strategists expected trading to remain range-bound, the outlet reported.
FXStreet had reported a more cautious UOB outlook on Oct. 27, when EUR/USD stood at $1.1175. Its account of the Oct. 29 outlook named $1.1190 as strong resistance and said a close below $1.1110 was needed to confirm a sustained decline. The latest view follows that earlier shift toward caution.
Separately, the European Central Bank (ECB) set its reference rate at $1.1130 per euro on Oct. 29. The rate comes from a scheduled fixing and is a separate observation from the market prices in FXStreet's report.
