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- EUR/USD remains focused on 1.2000/10 – UOB
EUR/USD remains focused on 1.2000/10 – UOB
FXStreet reports that FX Strategists at UOB Group noted further gains are expected in EUR/USD once the 1.2000/10 band is cleared.
Next 1-3 weeks: “Our latest narrative was from last Thursday where we highlighted that ‘overbought shorter-term conditions could slow the pace of advance but a break of 1.2010 would not be surprising’. However, 1.2010 remains intact as EUR struggled to move above 1.2000 for the past couple of days. Conditions remain overbought and upward momentum is beginning to wane. Unless EUR breaks clearly above 1.2000/1.2010 within these couple of days, the chance or further EUR strength would diminish quickly. Conversely, a breach of 1.1915 (no change in ‘strong support’ level) would indicate that the EUR strength that started about 2 weeks ago has come to an end.”
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