EUR / USD could trade in a range of 1.2095-1.2245 in the coming weeks – UOB

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The currency strategists of UOB Group They pointed out that the EUR / USD is likely to trade within the 1.2095-1.2245 range in the coming weeks.

24 hour perspective: “Our expectation for the EUR to test strong support at 1.2145 yesterday was incorrect as it rallied to 1.2229 during the New York session. While the bullish momentum hasn’t improved much, there is room for the euro to move towards the main resistance at 1.2245. Barring an increase in momentum, the next resistance at 1.2265 is unlikely to enter the picture. The support is at 1.2200 followed by 1.2180 “.

Next 1-3 weeks: “Yesterday (May 24, even at 1.2180), we held the view that it was EUR likely to trade between 1.2095 and 1.2245. There is no change in our opinion for now, although the short-term momentum has improved slightly. While the EUR could move above 1.2245, it has to close above 1.2265 before a sustained advance can be expected. “


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