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Bullish Momentum Improves – UOB

According to the currency strategists of UOB Group, el EUR / USD must exceed 1.1920 to allow additional gains.

24 hour perspective: “We highlighted yesterday that the EUR could move above 1.1880, but the main resistance at 1.1920 was unlikely to be threatened. Our view was not bad as the euro retreated after hitting a high of 1.1893. Momentum The bullish has declined considerably and the risk of the currency moving to 1.1920 from here is low. Overall, the euro is more likely to consolidate and trade between 1.1830 and 1.1895”.

Next 1-3 weeks: “Not much to add to our update yesterday (Nov 17, even at 1.1860). As highlighted, the Bullish momentum has improved slightly, but the EUR has to close above 1.1920 to indicate that it has emerged from its consolidation phase. Looking ahead, the next resistance above 1.1920 is at 1.1970 (followed by the year-to-date high at 1.2011). The current slightly positive outlook is considered intact as long as the EUR does not move below 1.1790 (no change at the ‘strong support’ level). “


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