EUR/USD there is still room for a test of 1.2165 – UOB
|The pair’s outlook remains neutral with the likelihood of a visit to 1.2165 still on the cards, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “EUR traded between 1.2233 and 1.2297 yesterday, relatively close to our expected 1.2220/1.2300 consolidation range. The solid daily closing in NY suggests further upward pressure towards 1.2330. Further up, 1.2360 is a solid resistance and this level is unlikely to be challenged, at least not for today. Support is at 1.2250 followed by 1.2220”.
Next 1-3 weeks: “EUR ended the day largely unchanged on Friday as it failed for the second time to move clearly below the short-term 1.2200 support (low has been 1.2204). While the recent weakness has stabilized somewhat, it is too early to expect a sustained recovery. As highlighted in the Chart of the Day update last Thursday (08 Feb, spot 1.2270), the current correction in EUR could extend deeper towards the 1.2165 in the coming days. Overall, EUR is expected to continue to stay under pressure until it can reclaim 1.2360 (key resistance previously at 1.2410)”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.