The currency strategists of UOB Group point out that the EUR/USD could advance to the zone 1.2150 / 80 in the next few weeks.
24 hour perspective: “The EUR fell to 1.2080 last Friday before rebounding strongly to end the day little changed at 1.2118 (-0.08%). The underlying tone has strengthened somewhat, but while there is a possibility that the euro will move higher, a clear break of the main resistance at 1.2150 seems unlikely (minor resistance is at 1.2135). Support is at 1.2100 followed by 1.2080 “.
Next 1-3 weeks: “We observed last Wednesday (Feb 10, pair at 1.2115) that much improved bullish momentum suggested that the current strength of the EUR could break 1.2150 and extend to 1.2180. Subsequently, the euro traded quietly and the bullish momentum has slowed somewhat. That being said, the bullish risk remains intact and only a breakout of 1.2045 (no change at the ‘strong support’ level) would indicate that the EUR is not ready to move above 1.2150 “.
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