According to forex strategists at UOB Group, the EUR/USD it could still revisit the 1.1280 area in the coming weeks.
24 hour outlook: “Our expectations for the EUR to drop below 1.1280 yesterday were wrong as it rallied sharply from 1.1286 to 1.1366 before quickly falling back. The move is likely to be part of a consolidation and Euro is expected to trade today between 1.1290 and 1.1360.”
Next 1-3 weeks: “In our last narrative on Monday (Feb 21, pair at 1.1315), we highlighted that downward momentum was starting to build and we were expecting the EUR to drop to 1.1280. The EUR dropped to 1.1286 yesterday before to rebound quickly.The downward momentum has diminished a bit, but as long as it does not exceed 1.1375 (no change from yesterday’s strong resistance level), tthere is still room for it to drop to 1.1280. That said, the next support at 1.1240 will probably be out of reach this time.”
Source: Fx Street
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