The currency strategists of UOB Group noted that mild upward pressure on EUR / USD is expected to ease if the 1.19 zone clears in the coming weeks.
24 hour perspective: “Our expectation that the EUR would continue to rise did not materialize as it fell to 1.1908 before rebounding. The underlying tone still appears to be positive and we see the possibility that it will test the 1.1990 level. The next resistance at 1.2030 is not likely to enter the picture. The support is at 1.1925 followed by 1.1900 “.
Next 1-3 weeks: “Short-term momentum has improved a bit, and this could lead to the EUR rising, but main resistance at 1.2060 is unlikely to enter the picture. 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 eased. “
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