In the view of UOB Group currency strategists, the currency is now expected to EUR / USD moves within the 1.2080-1.2250 range in the coming weeks.
Key Comments:
24 hour view: “Last Friday, we held the view that ‘the rebound in EUR / USD has room to extend to 1.2195’. Our expectations did not materialize as EUR / USD moved relatively quietly between 1.2150 and 1.2189 before closing. little changed at 1.2167 (+ 0.04%). The underlying tone still appears positive and EUR / USD could test resistance at 1.2195. Next resistance at 1.2225 is not expected to enter the scene. Support is at 1.2145 followed by 1.2125 “.
Next 1-3 weeks: “There is not much to add to our update last Friday (Jan 22, EUR / USD at 1.2165). As highlighted, the current move is considered the early stages of a consolidation phase and the EUR / USD is expected to move between 1.2080 and 1.2250 over a period of time. “
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