The currency strategists of UOB Group noted that EUR / USD is ready to challenge the 1.2200 zone in the near term.
24 hour perspective: “Yesterday, we expected the EUR to consolidate and trade between 1.2110 and 1.2165. However, the euro rose to 1.2177 before turning back (the low has been 1.2126). We continue to see the current movement as part of a consolidation despite the fact that the slightly weakened underlying tone suggests that EUR is likely to trade within a lower range of 1.2110 / 1.2160”.
Next 1-3 weeks: “We continue to maintain the same opinion as yesterday (May 10, even at 1.2165). As highlighted, after the strong rise of the euro last Friday, the common currency is likely to strengthen. However, short-term overbought conditions could slow the pace of any further advance and, While the euro could move above 1.2200, the outlook for a rise to 1.2240 is not that high for now. In general, the current strength of the EUR is considered intact as long as it does not move below the ‘strong support’ level at 1.2065 (no change in level). On a short-term note, 1.2110 is already pretty solid support. “
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