The currency strategists of UOB Group noted that the outlook for EUR / USD remains downward in the short term, with the main focus on the 1.1975 level.
24 hour perspective: “Our view yesterday that the EUR could first test 1.2000 before stabilizing was incorrect as it rallied strongly from 1.2011. The current move is considered part of a consolidation and is expect the euro to trade sideways today, probably between 1.2030 and 1.2090“.
Next 1-3 weeks: “Not much to add to our update yesterday (May 3, even at 1.2030). As highlighted, the recent positive phase has run its course and the short-term bias slopes downward. That being said, the euro has to break out of the main support at 1.1975 before a more sustained (and considerable) pullback can be expected. At this stage, the outlook for a breakout of 1.1975 is not high but would rise unless the EUR moves above 1.2105 in these few days”.
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