In the opinion of UOB Group currency strategists, the EUR / USD is now seen within the range of 1.1840-1.2030 In the next weeks.
Key Comments:
24 hour view: “We expected the EUR / USD to ‘move sideways within a range between 1.1900 and 1.1960’ yesterday. However, it briefly fell to 1.1881 before bouncing to close at 1.1900 (-0.23%). Bearish momentum has improved a bit and EUR / USD could fall below 1.1880. Next support at 1.1840 is not expected to come in. On the upside, a breakout of 1.1960 (the minor resistance is at 1.1940) would indicate that downside risk has been dissipated”.
Next 1-3 weeks: “There is not much to add to our update yesterday (March 16, EUR / USD at 1.1925). As highlighted, the EUR / USD is likely to move sideways for now, and is expected to be between 1.1840 and 1.2030. Looking ahead, the downside risk 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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