UOB Group’s currency strategists remain constructive on EUR / USD as long as it remains above 1.2045.
Key Comments:
24 hour view: “We expected the EUR / USD to ‘rally yesterday’, but we are of the opinion that ‘a clear break of the main resistance at 1.2150 seems unlikely.’ Thereafter, the EUR / USD rose to 1.2144 before declining to close little changed at 1.2127 + 0.07%). Momentum indicators are mostly flat and EUR / USDD is likely to move sideways. Expected range for today, 1.2100 / 1.2150 “.
Next 1-3 weeks: “There is not much to add to our update yesterday (Feb 15, EUR / USD at 1.2120). As highlighted, the bullish momentum has slowed a bit, but the bullish risk remains intact. Only a break of 1.2045 (no change at the ‘strong support’ level) would indicate that the EUR / USD is not ready to move above 1.2150. Looking ahead, the next resistance above 1.2150 is at 1.2180 ”.
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