The currency strategists of UOB Group now see the EUR / USD advance further above a close above 1.2030 in the coming weeks.
24 hour perspective: “Our expectation of the EUR falling below 1.1880 was incorrect as it fell to 1.1884 before rising to 1.1985 during the New York session. While the rapid rise has moved into overbought territory, the euro could continue to advance. That being said, the main resistance at 1.2030 might be out of reach for now (there is another resistance at 1.2000). On the downside, a breakout of 1.1935 (minor support is at 1.1955) would indicate that the current bullish pressure has eased. “
Next 1-3 weeks: “Two days ago (March 16, even at 1.1925), we highlighted that the EUR was likely to trade sideways, and was expected to be between 1.1840 and 1.2030. There is no change in our opinion for now, although after yesterday’s strong rebound, the risk has moved slightly higher. However the euro has to close above main resistance at 1.2030 before a sustained advance can be expected. At this stage, the outlook for such a move is not high, but it would continue to rise as long as the EUR did not move below 1.1900 in these few days. Looking ahead, the next resistance above 1.2030 is at 1.2070 ”.
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