UOB Group currency strategists believe that EUR / USD could move within the range of 1.2050 to 1.2200 In the next weeks.
Key Comments:
24 hour view: “Yesterday we held the view that ‘further euro gains appear likely, but overbought conditions could’ cap ‘gains to 1.2200.’ The subsequent advance did not meet our expectations as the EUR / USD moved back after touching 1.2179. The bullish momentum has diminished and for today the EUR / USD is likely to move sideways and is expected to be between 1.3125 and 1.2180 ”.
Next 1-3 weeks: “Not much to add to our update yesterday (Feb 22, EUR / USD at 1.2125). As highlighted, the outlook is mixed and the EUR / USD could trade between 1.2050 and 1.2200 over a period of time. Short term bullish momentum has improved somewhat, but EUR / USD has to close above 1.2200 before a sustained advance can be expected (next resistance is at 1.2230). At the moment, the outlook for such a scenario is not high, but it would remain intact as long as it does not fall below 1.2080 in these few days.
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