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Forex pairs in this Article » EUR/USD (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group notes that the improving momentum in the Dollar Index is expected to lead to further USD gains.

Key Quotes

“The break above December’s high of 81.00 yesterday is accompanied by greatly improving momentum.”

“The up-move that started from late last month could be the early stages of a strong and sustained rally in the coming weeks.”

“However, the strong resistant at 81.48 (November’s high which coincides with the top of the Daily Envelope) could thwart initially but once above this level, the dollar index could rally quickly towards the next resistant at 82.20 and possibly 82.67.”

“Only an unexpected move below 80.50 will suggest the index is still caught within a broad sideway trading range.”
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