The currency strategists of UOB Group noted that EUR / USD faces additional gains, although a test of 1.2060 seems unlikely in the coming weeks.
24 hour perspective: “We expected the EUR to strengthen yesterday, but we are of the opinion that the strong resistance at 1.1980 was unlikely to enter the scene. The euro held below 1.1980 until late in New York, where it peaked at 1.1989. A from here, the euro could continue to rise but any advance is unlikely to challenge resistance at 1.2030 (1.2010 is already a pretty strong level). The support is at 1.1960 followed by 1.1935 “.
Next 1-3 weeks: “We have had a negative view on the EUR since the beginning of the month. In our last narrative on Wednesday (Mar 10, pair at 1.1890), we highlighted that short-term momentum was beginning to wane, but the overall negative phase was intact unless there was a breakout of 1.1980. The break of 1.1980 during the New York hours indicates that the positive phase has run its course. The Short-term momentum is turning positive and the EUR could rally but main resistance at 1.2060 is unlikely to enter the scene. On a short-term note, 1.2030 is already a strong level. On the downside, a breakout of 1.1900 would indicate that the current slight upward pressure has subsided. “
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