FX Strategists at UOB Group seen the next relevant level in the pair in the 114.30 area in the short term.
“The bullish phase that started 2 weeks ago is still clearly intact as USD soared to hit a high of 113.47 yesterday”.
“This level is just below the strong daily trend-line resistance that is currently residing at 113.50. A break of this strong resistance could lead to further acceleration higher as the next significant resistance is another 85 pips higher at 114.35 (high in May)”.
“We have suggested exiting half of long position at 112.75 previously and those who are still long should move their stop-loss higher to 112.40 (from 111.30 previously)”.