UOB Group currency strategists note that the EUR / USD Faces Additional Gains Above 1.2180 Level in the short term.
Key Comments:
24 hour view: “We expected the EUR / USD to ‘advance further’ yesterday, but we are of the opinion that ‘1.2180 is unlikely to enter the scene.’ Our expectation was not wrong as EUR / USD rose to 1.2168 before retreating. While momentum Bullish remains patchy, there is room for EUR / USD to test 1.2180 first before a more substantial pullback can be expected. For today, next resistance at 1.2200 is unlikely to be threatened. On the downside, a breakout 1.2115 (the minor support is at 1.2130) would indicate that the current bullish pressure has eased. “
Next 1-3 weeks: “Our update from yesterday (May 17, EUR / USD at 1.2140) still stands. As we stake, the bullish momentum is lackluster and the EUR / USD has to close above the main resistance at 1.2180 before a sustained advance can be expected. The outlook for the EUR / USD to close above 1.2180 is not high for now, but it would remain intact as long as it does not move below 1.2065 these days. Looking ahead, the next resistance levels above 1.2180 are at 1.2200 and 1.2240 ”.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
