UOB Group currency strategists hold the view that EUR / USD could advance beyond the 1.1400 barrier In the next weeks.
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24 hour view: “EUR / USD traded between 1.1293 and 1.1347 yesterday, tighter than our expected lateral trading range of 1.1290 / 1.1370. The underlying tone appears to have weakened a bit and EUR / USD is likely to deviate to 1.1280. For today , a clear break out of this level is unlikely and the strong support at 1.1240 is not expected to be threatened.On the upside, a breakout of 1.1350 (minor resistance is at 1.1330) would indicate that the current mild pressure has eased. “
Next 1-3 weeks: “Our view from Wednesday (Dec 1, EUR / USD at 1.1335) is still on. As highlighted, EUR / USD is likely to trade an upside bias towards 1.1410. As momentum to the upside has not improved Much, a sustained rally above 1.1410 is unlikely On the downside, a breakout of 1.1240 (no change from yesterday’s ‘strong support’ level) would indicate that EUR / USD is not ready to head towards 1.1410. “
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