The currency strategists of UOB Group come now to EUR / USD trading within the 1.2060 to 1.2230 range in the coming weeks.
24 hour perspective: “We expected the EUR to strengthen yesterday, but we felt that 1.2230 was unlikely to appear on the scene. However, the EUR shot up to 1.2242 before selling sharply. The rapid decline has room to extend downward, but any weakness is likely to be limited to a test of 1.2100 (minor support is at 1.2125). The resistance is at 1.2185 followed by 1.2205 “.
Next 1-3 weeks: “We highlighted yesterday (Feb 25, pair at 1.2165) that short-term momentum had improved, but the EUR had to close above 1.2200 before a sustained advance could be expected. The euro subsequently rose to 1.2242 before falling sharply to end the day at 1.2176. The buildup of momentum has faded and the EUR is likely to trade between 1.2060 and 1.2230 for now. “
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
