FX Strategists at UOB Group famous EUR/USD is predicted to navigate inside the 1.2050-1.2200 vary within the subsequent weeks.
24-hour view: “We anticipated EUR to strengthen yesterday however we had been of the view ‘a break of final week’s peak close to 1.2170 shouldn’t be anticipated’. EUR subsequently rose to an in a single day excessive of 1.2169. Upward momentum has improved and additional good points seems possible however overbought circumstances might ‘restrict’ good points to a take a look at of 1.2200. In different phrases, a sustained advance above 1.2200 shouldn’t be anticipated (subsequent resistance is at 1.2230). Assist is at 1.2140 adopted by 1.2115.”
Subsequent 1-3 weeks: “There’s not a lot so as to add to our replace from yesterday (22 Feb, spot at 1.2125). As highlighted, the outlook is combined and EUR might commerce between 1.2050 and 1.2200 for a time frame. Shorter-term upward momentum has improved considerably however EUR has to shut above 1.2200 earlier than a sustained advance may be anticipated (subsequent resistance is at 1.2230). At this stage, the prospect for such a situation shouldn’t be excessive however it could stay intact so long as 1.2080 shouldn’t be taken out inside these few days.”