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Additional gains likely above 1.1965 – UOB

The currency strategists of UOB Group noted that the EUR / USD faces a likely move to levels above 1.2100 as long as it is above the 1.1965 level.

24 hour perspective: “Yesterday, we noted that the bullish momentum had diminished considerably and we expected the EUR to consolidate and trade sideways between 1.2010 and 1.2065. Subsequently, the euro fell to 1.1997 before bouncing to close unchanged at 1.2033 (the high has been 1.2043) . The underlying tone has improved a bit and this could lead the EUR to rise to 1.2060. Barring a sudden increase in momentum, the euro is unlikely to move above Tuesday’s high near 1.2080. The support is at 1.2020 followed by 1,2000 “.

Next 1-3 weeks: “Not much to add to our update yesterday (April 21, even at 1.2035). As highlighted, the positive phase in the EUR that started 2 weeks ago is still intact. Short-term overbought conditions could lead to a couple of days of consolidation first, but as long as the euro does not move below 1.1965 (no change in the level of ‘strong support’), there is still room for the EUR to advance to 1.2115“.

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