EUR / USD turns focus to 1.2200 level – UOB

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In the opinion of the currency strategists of UOB Group, el EUR / USD could now attempt a move to the 1.2200 mark in the coming weeks.

24 hour perspective: “We highlighted yesterday that a solid momentum suggested further strength in the EUR. We added that the next resistance was at 1.2100 followed by 1.2130. Our view was not wrong as the euro rose to a high of 1.2118 during the last NY hours before to close on a firm note at 1.2115 (+ 0.37%). Although overbought, the current rally shows no signs of slowing down yet. From here, the single currency could advance further to 1.2155. The main resistance at 1.2200 is probably out of reach for now. On the downside, 1.2040 is expected to be strong enough to contain any pullbacks (minor support is at 1.2070) ”.

Next 1-3 weeks: “Not much to add to our update yesterday (December 2, even at 1.2065). As stated, the EUR has moved to its next bullish leg and the level to focus on is 1.2200. On the downside, the strong support level has moved higher to 1.2010 from yesterday’s 1.1950 level. Looking ahead, the next big resistance above 1.2200 is at 1.2300 ”.

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