In the opinion of the currency strategists of UOB Group, el EUR / USD has now shifted its focus to the 1.2000 level in the coming weeks.
24 hour perspective: “Our expectation for the EUR to test solid support at 1.2000 was incorrect as it rallied strongly to a high of 1.2094. The recovery could point higher, but unlikely to break strong resistance at 1.2125 (the next resistance is 1.2155). On the downside, a break of 1.2060 would indicate that the current bullish pressure has eased. “
Next 1-3 weeks: “We highlighted yesterday (Feb 17, pair at 1.2095) that bullish momentum had deteriorated and a breakout of 1.2045 would indicate that 1.2169 was within range of the EUR’s recent strength. The euro easily broke 1.2045 and fell to 1.2021 . The Short term bearish momentum has improved and the bias has shifted lower to 1.2000. A daily close below this solid support would open the way for it to move towards the month-to-date low at 1.1950. The euro is generally considered to be under pressure unless it can move back above 1.2125 (‘strong resistance’ level). “
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
