UOB Group currency strategists have noted that EUR / USD could move further, although a new visit to 1.1880 seems unlikely at the moment.
Key Comments:
24 hour view: “EUR / USD climbed to a high of 1.1768 before falling rapidly again (so far low 1.1602). Further expansion in the already wide range is not ruled out, but we are seeing strong support at 1.1580 and resistance at 1.1780 ”.
Next 1-3 weeks: “The sudden rise in EUR / USD that removed our ‘strong resistance’ at 1.1745 was a surprise. The price action indicates that the EUR / USD weak phase that started last week has bottomed out at 1.1621 (we expected further EUR weakness, but we are of the opinion that 1.1580 may not be easy to break). Greater EUR strength is not ruled out, but at the moment, it is too early to expect a move towards last month’s high of 1.1880 (1.1855 is already quite strong). On the downside, support is still at 1.1580 followed by another solid level at 1.1550 ”.
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Credits: Forex Street
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