UOB Group currency strategists suggest that the currency is still expected to EUR / USD trade within the 1.1840-1.2000 range In the next weeks.
Key Comments:
24 hour view: “Our view that the ‘bias is lower EUR / USD’ was incorrect as it rallied to 1.1946 during the American session. While the bullish momentum hasn’t improved much, the rebound has room to test 1.1960. The main resistance at 1.2000 is not expected to enter the picture. Support is at 1.1910 followed by 1.1885 “.
Next 1-3 weeks: “There is not much to add to our update yesterday (March 22, EUR / USD at 1.1890). As highlighted, the EUR is likely to ‘move between 1.1840 and 1.2000 for now’. Looking ahead, the risk of it breaking the bottom of the range appears to be higher, but the EUR / USD has to close below 1.1840 before a sustained decline can be expected. “
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