In the opinion of the currency strategists of UOB Group, it is likely that the EUR / USD has now moved into a consolidation range between 1.2150 and 1.2265.
24 hour perspective: “Yesterday, we highlighted that the downward pressure had eased and the current move was seen as part of a consolidation and we expected the EUR to trade sideways between 1.2160 and 1.2220. However, the euro rose to 1.2231 before settling on a note. firm at 1.2225 (+ 0.30%). Bullish momentum is starting to build and risk for today is on the upside. However, any advance is expected to face solid resistance at 1.2250. The main resistance at 1.2265 is unlikely to enter the picture. Support is at 1.2205 followed by 1.2185 “.
Next 1-3 weeks: “We highlighted yesterday that there are still chances, although not high, that the EUR will retest 1.2130. We add that a break of 1.2250 would indicate that the euro could trade sideways for a period of time. Subsequently, the euro rose to 1.2231 and while 1.2250 is still intact, the short-term momentum is beginning to shift to the upside. That said, it is too early to expect the start of sustained progress. From here, it is EUR likely to trade between 1.2150 and 1.2265“.
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