In the opinion of the currency strategists at UOB Group, EUR / USD is now poised to extend the pullback In the next weeks.
Key Comments:
24 hour view: “Our expectation of the EUR ‘falling further towards 1.1800’ did not fully materialize as it fell to 1.1807 before closing at 1.1812 (- 0.31%). While the downside momentum appears to be lackluster, the risk remains to the downside. However, the EUR / USD is unlikely to threaten the support at 1.1770. Resistance is at 1.1830 followed by 1.1855 “.
Next 1-3 weeks: “There is not much to add to our update yesterday (March 24, EUR / USD at 1.1845). As highlighted, the current move is seen as the first stages of a weak phase in EUR / USD that could extend lower to 1.1770, possibly 1.1740. On the upside, a breakout of 1.1900 (the ‘strong resistance’ level was at 1.1940 yesterday) would indicate that our view of a lower EUR / USD is incorrect. “
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