Currency strategists at UOB Group now see the EUR/USD moving within the range of 1.0990-1.1170 for now.
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24 hour view: “Yesterday we highlighted that ‘EUR/USD advance could extend above 1.1190 before retreating’. EUR/USD subsequently rose to 1.1184 before making a surprisingly steep decline (low was 1.1059). Yes While the rapid decline seems to be getting ahead of itself, EUR/USD could drop further to 1.1035 Major support at 1.0990 unlikely to be threatened On the upside a break of 1.1125 (‘minor resistance’ is at 1.1100) would indicate that the current downward pressure has eased.”
Next 1-3 weeks: “Two days ago (March 30, EUR/USD at 1.1085) we highlighted that EUR/USD risk has shifted to the upside. We added that a clear break of 1.1140 could lead to a strengthening to 1.1190. As for the rise in the pair, we said yesterday (March 31, EUR/USD at 1.1155) that ‘if EUR/USD breaks 1.1190, the probability of further strength at 1.1240 would increase’ EUR/USD did not break 1.1190, as rose to 1.1184 before falling sharply to a low of 1.1059.While our ‘strong support’ level at 1.1055 was not broken, the upside momentum has faded somewhat.EUR/USD appears to have moved into a consolidation phase and it is likely to move between 1.0990 and 1.1170 for now.”
Source: Fx Street
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