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EUR / USD now points towards – UOB

The currency strategists of UOB Group they pointed out that the EUR / USD could gradually approach 1.1980 in the coming weeks.

24 hour perspective: “We expected the EUR to strengthen yesterday and we are of the opinion that a breakout of 1.1920 could trigger more buying towards the next resistance at 1.1955. While the euro broke 1.1920, there was not much follow-up (yesterday’s high of 1.1929). Bullish momentum still looks like be relatively strong and, from here, there is room for the EUR to test 1.1955 first before a pullback can be expected. The next resistance at 1.1980 is unlikely to enter the picture. The support is at 1.1890 followed by 1.1875 “.

Next 1-3 weeks: “Two days ago (Nov 24, pair at 1.1845), we held the view that the EUR ‘could trade sideways for a period of time and only a breakout of the expected range of 1.1760 / 1.1920 would signal the start of a further directional move. sustained’. While the euro broke through strong resistance at 1.1920 yesterday, subsequent price actions were surprisingly subdued (1.1929 high). That being said, a EUR stronger even though any advance could be slow and next resistance at 1.1980 might not appear so soon. On the downside, a breakout of 1.1840 (‘strong support’ level) would indicate that the risk of further EUR strength has dissipated. “

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