According to the currency strategists of UOB Group, el EUR / USD now faces the next hurdle at 1.2360 before reaching 1.2400.
24 hour perspective: “We highlighted yesterday that the EUR seemed poised to move above 1.2309, but it remains to be seen if it can move clearly above 1.2330. Subsequently, the euro rose to 1.2349, plummeted to 1.2264 during the New York hours earlier to rebound strongly to close at 1.2325 (+ 0.25%). Bullish momentum is building and the EUR is expected to rise towards 1.2360. A movement above this level is not ruled out, but the next resistance at 1.2400 is probably out of reach for now. He Support is at 1.2300 followed by 1.2270. The last level is acting as a solid support now ”.
Next 1-3 weeks: “Yesterday (Jan 6, pair at 1.2295), we indicated that the prospect of a sustained move above 1.2309 has increased and a clear breakout of 1.2309 would shift focus to 1.2330 followed by 1.2360. The EUR rose to 1.2349 before closing on a firm note at 1.2325 (+ 0.25%). The 1.2360 level appears to be within reach and the next resistance above this level is at 1.2400. The Current positive outlook for the EUR is considered intact as long as it does not move below 1.2240 (previously ‘strong support’ level at 1.2200) “.
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