The FX Strategists of UOB Group see the selling pressure relieved in the EUR/USD above the 1.1400 mark.
24 hour outlook: “Yesterday we highlighted that the EUR rally had room to extend, but was unlikely to break the strong resistance at 1.1400. In our view, we were not wrong, as the EUR rose to 1.1395 before closing at 1.1373 (+0.15% Upside momentum still looks lackluster and the EUR is unlikely to strengthen much further. For today, the euro is more likely to trade laterally, it is expected to be within a range of 1.1340/1.1400.”
Next 1-3 weeks: “Our outlook from yesterday (Feb 16, pair at 1.1355) still stands. As highlighted, short-term oversold conditions suggest it may take a while before the EUR turns lower again. However, a break of 1.1400 (no change in ‘strong resistance’ level since yesterday) would indicate that the downward pressure that began late last week has dissipated“.
Source: Fx Street
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