In the opinion of the UOB Group’s currency strategists, the upward bias in the EUR / USD could reach the level of 1.1410 In the next weeks.
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24 hour view: “The EUR / USD moved sideways between 1.1301 and 1.1359 yesterday, tighter than our expected range of 1.1260 / 1.1380. More lateral movements seem likely, which are expected to be within a range of 1.1290 / 1.1370. “
Next 1-3 weeks: “Our update yesterday (Dec 1, EUR / USD at 1.1335) still stands. As highlighted, the EUR / USD is likely to trade an upside bias towards 1.1410. At this time, a rally is unlikely. sustained above this level. On the downside, a breakout of 1.1240 (‘strong support level’ was at 1.1220 yesterday) would indicate that EUR / USD is not ready to head towards 1.1410. “
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