The currency strategists of UOB Group noted that EUR / USD is expected to clear the next hurdle around 1.2010 in the coming weeks.
24 hour perspective: “We highlighted yesterday that while conditions were still overbought, risk remained to the upside. We added that any further advance in the euro was expected to meet solid resistance at 1.2010. However, the EUR only managed to hit a new high of 1.1993 before backing up. momentum is starting to wane and the EUR is unlikely to strengthen. For today, the euro is more likely to trade sideways between 1.1935 and 1.1985”.
Next 1-3 weeks: “Not much to add to our update yesterday (April 14, even at 1.1950). As highlighted, the improved momentum is likely to lead to a stronger EUR and the next big resistance is at 1.2010. Short-term overbought conditions could slow the pace of advance, but a break of 1.2010 would not be surprising. The next resistance is at 1.2065. On the downside, a breakout of 1.1915 (the ‘strong support’ level was 1.1875 yesterday) would indicate that the EUR strength that started early last week has run its course. “
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