0546 GMT - EUR/USD has potential to rally further, given its strong momentum on the weekly chart, says Quek Ser Leang, markets strategist of UOB's Global Economics & Markets Research, in a research report. In just over a week, EUR/USD has surged past key levels of 1.1100 and 1.1140, reaching 1.1173 on Wednesday, the strategist notes. To sustain its strong momentum, EUR/USD should ideally stay above 1.0950, which was its triangle breakout level, with key weekly support lower at 1.0860, the strategist says. The next key level to watch is the 2023 high of 1.1275, the strategist adds. EUR/USD is 0.1% higher at 1.1127. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
August 23, 2024 01:46 ET (05:46 GMT)
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