The currency strategists of UOB Group noted that EUR / USD could now try to move towards 1.2115 in the coming weeks.
24 hour perspective: “We do not anticipate the sudden rise in the EUR that blew past the solid resistance zone between 1.2000 and 1.2010 (1.2048 high). The Bullish momentum remains strong and the EUR could move further towards 1.2065. For today, the next resistance at 1.2115 is unlikely to enter the picture. Support is at 1.2015 followed by 1.1995 “.
Next 1-3 weeks: “We have had a positive outlook on EUR for two weeks. As the euro advance struggled to break through 1.2000, we highlighted yesterday (April 19, pair at 1.1970) that ‘unless it breaks clearly above 1.2000 / 1.2010 in these two days, the possibility of a greater strength of the EUR would decrease rapidly ‘. Subsequently, the euro surpassed 1.2000 / 1.2010 and rose to 1.2048. Bullish momentum has been boosted and next level to focus on is 1.2115. With that said, there is a fairly strong resistance level at 1.2065. The current positive phase in EUR will be considered intact as long as it does not move below 1.1965 (the ‘strong support’ level was at 1.1915 yesterday). “
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