Euro Has Room to Rebound Further Vs. Dollar, Charts Show
Dow Jones
Aug 07
0540 GMT - The euro has room to rebound further against the dollar, based on charts, says Quek Ser Leang of UOB's global economics and markets research in a report. However, the euro must first exceed major resistance in US$1.1560-US$1.1565 zone, the senior technical strategist says. Upper boundary of daily Ichimoku cloud at US$1.1560 was tested a few times this week but remained intact, the strategist notes. Declining weekly trendline from January's high is currently near US$1.1565. If the euro surpasses and holds above the resistance area, it could extend gains toward June's minor peak of US$1.0622, the strategist adds. The euro is little changed at US$1.1521.
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