The currency strategists of UOB Group noted that the EUR / USD now shifted focus to the 1.1910 region in the coming weeks.
24 hour perspective: “We expected the EUR to weaken yesterday, but we are of the opinion that main support at 1.1985 was unlikely to appear. While our view of a lower euro was not bad, we did not anticipate the sudden strong sell-off that sent it to a low 1.1960 The bearish momentum is strong, but oversold conditions suggest that any weakness is unlikely to threaten the main support at 1.1910 (there is a relatively strong support at 1.1950). The resistance is at 1.1995but only a break of 1.2025 would indicate that the current weakness has stabilized. “
Next 1-3 weeks: “We have had a negative view on EUR since the beginning of this week. After the euro rallied strongly from 1.1990 on Wednesday (March 3, pair at 1.2085), we noted that the bearish momentum had subsided, but there was still a small chance that it would slide back down to 1.1985. The euro took full advantage of the slim chance as it fell to an overnight low of 1.1960. The Bearish momentum got a big boost and the focus has shifted to the next major support at 1.1910. The negative phase in EUR is considered intact as long as it does not move above 1.2055 (previously ‘strong resistance’ level at 1.2135). “
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