EUR / USD could find support around 1.2130 – UOB

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According to the currency strategists of UOB Group, Occasional bearish attempts in EUR / USD are forecast to find support at the 1.2130 region.

24 hour perspective: “Yesterday we highlighted that the rapid decline seems to be ahead of itself, but there is room for the weakness of the EUR to test the main support at 1.2160. Our expectation did not materialize as the euro traded between 1.2173 and 1.2215 before closing with few changes to 1.2192 (+ 0.02%). Despite relatively quiet price actions, we continue to see the chance of single currency testing 1.2160. That said, the prospect of a sustained decline below this level is not high (next support is at 1.2130). The resistance is at 1.2210 followed by 1.2230 ”.

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Next 1-3 weeks: “Our update from yesterday (May 27, even at 1.2190) still stands. As highlighted, short-term risk is sloping down, but at this stage, any weakness is expected to find solid support at 1.2130. On a short-term note, 1.2160 is already a strong support level. Only a move back above 1.2265 (no change at the ‘strong resistance’ level) would indicate that the current slight downward pressure has subsided. “


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