The EUR / USD remains positive bias unchanged, although it still faces stiff resistance at 1.2185, as suggested by the currency strategists of UOB Group.
24 hour perspective: “Yesterday, we highlighted that the EUR could continue to advance despite overbought conditions suggesting that the next major resistance at 1.2185 was probably out of reach. We added that there was relatively strong resistance at 1.2145. Subsequently, the euro advanced to 1.2149 before giving way to trade mostly sideways (the low was 1.2101) .While the bullish momentum has diminished, it seems too early to expect a sustained pullback. For today, the euro could rise higher, but the main resistance at 1.2185 is likely still out of reach (there is a minor resistance at 1.2160). Support is at 1.2100 followed by 1.2080 “.
Next 1-3 weeks: “Not much to add to our update yesterday (April 29, even at 1.2135). As highlighted, the positive phase that started earlier this month remains intact. However, in view of the overbought conditions, the EUR may struggle to break main resistance at 1.2185. On the downside, a break of 1.2050 (unchanged from the ‘strong support’ level) would indicate that the positive phase has come to an end. “
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
