FX strategists in UOB Group come now to EUR/USD trying to retest the vicinity of the 1.1400 region in the coming weeks.
24 hour perspective: “We highlighted yesterday that the outlook was mixed and we expected the EUR to trade between 1.1295 and 1.1365. Subsequently, the euro fell to 1.1311, but the decline was short-lived, as it quickly spiked to a high of 1.1374 during the New session. York The rapid advance has gathered momentum, but while it could move above 1.1395, it remains to be seen if it can sustain a foothold above this important resistance level (next resistance is at 1.1415). The current bullish pressure is intact as long as the euro does not move below 1.1335 (minor support is at 1.1350).
Next 1-3 weeks: “We have held the same opinion since last Tuesday (Jan 4, pair at 1.1305) when the outlook was not clear and we expected the euro to trade within a 1.1240 / 1.1395 range. After trading mainly sideways for more than one week, short-term bullish momentum is starting to build and the EUR looks set to move above the top of the expected range at 1.1395. A clear break out of this level could lead to a advance towards 1.1440. The prospect of an advance in the euro would continue to increase as long as it does not move below 1.1315 (‘strong support level’ these two days “.
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