UOB Group currency strategists see that EUR / USD bullish momentum will increase in the coming weeks.
Key Comments:
24 hour view: “We highlighted yesterday that ‘bullish momentum has improved slightly, but although EUR / USD could continue to advance, a clear break of the main resistance at 1.1945 is unlikely.’ We added, ‘a break of 1.1875 would indicate pressure The current bullish has eased. ” Subsequently, EUR / USD fell to 1.1877 at the beginning of the US session before shooting higher to 1.1955. Bullish momentum is strong and EUR / USD could strengthen further. However, conditions Overbought data suggest that a sustained rise above 1.1985 is unlikely (next resistance is 1.2010). Support is 1.1930 followed by 1.1905 “.
Next 1-3 weeks: “Yesterday (April 13, EUR / USD at 1.1915), we held the view that the EUR ‘could break above 1.1945, but the next resistance at 1.1985 is unlikely to enter the picture.’ / USD to strengthen is correct, we do not anticipate the rapid improvement in short-term momentum as EUR / USD spiked to a high of 1.1955 during the American session. Improving momentum is likely to lead to further strength in the EUR. / USD. The next major resistance is at 1.2010. On the downside, a breakout of 1.1875 (the ‘strong support’ level was at 1.1850 yesterday) would indicate that the EUR / USD strength that started early last week has finished”.
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