In the opinion of UOB Group currency strategists, now EUR / USD is expected to find the next significant resistance at 1.2185.
Key comments
24 hour view: “The strong rise of the EUR / USD to 1.2099 last Friday was a surprise. The bullish momentum is strong and the EUR / USD could break the main resistance at 1.2115. However, overbought conditions suggest that it may not be able to stay above this level. The next resistance at 1.2145 is unlikely to enter the picture. Support is at 1.2070 followed by 1.2050 “.
Next 1-3 weeks: “The positive phase in EUR / USD is moving into its third week. In our latest narrative from last Thursday (April 22, EUR / USD at 1.2035), we highlighted ‘as long as EUR / USD does not move below 1.1965, there is still room for it to advance to 1.2115’. EUR / USD spiked to 1.2099 on Friday and the momentum in the bullish move suggests that a breakout of 1.2115 would not be surprising. Looking ahead, the next major resistance is above this level at 1.2185 (there is a minor resistance at 1.2145). In general, the positive phase is considered intact as long as the EUR / USD does not move below 1.2020 (previously ‘strong support’ level at 1.1965) “.
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