UOB Group currency strategists still see the EUR / USD moving up to the 1.2200 level In the next weeks.
Key Comments:
24 hour view: “Our expectation for the EUR / USD to ‘trade between 1.2110 and 1.2160’ was incorrect as it briefly rose to 1.2180 before declining. Momentum indicators have barely moved and we continue to see the current move as part of a consolidation. other words, the EUR / USD is expected to trade sideways today, probably between 1.2115 and 1.2175 ”.
Next 1-3 weeks: EUR / USD hit a fresh high of 1.2180 yesterday before going down. For now, we continue to hold the same view from Monday (May 10, EUR / USD at 1.2165). As highlighted, after the strong rise of the EUR / USD last Friday, the pair is likely to strengthen. However, short-term overbought conditions could slow the pace of any further advance and while EUR / USD could move above 1.2200, the outlook for a rally to 1.2240 is not that high for now. In general, the current EUR / USD strength is considered intact as long as it does not move below the ‘strong support’ level at 1.2065 (unchanged). “
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