EUR/USD stays focused on 1.1975 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group noted the outlook for EUR/USD remains tilted to the downside in the near-term, with the main focus on the 1.1975 level.

Key Quotes

24-hour view: “Our view from yesterday that EUR could ‘test 1.2000 first before stabilizing’ was incorrect as it rebounded strongly from 1.2011. The current movement is viewed as part of a consolidation and EUR is expected to trade sideways for today, likely between 1.2030 and 1.2090.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (03 May, spot at 1.2030). As highlighted, the recent positive phase has run its course and the near-term bias is tilted to the downside. That said, EUR has to break the major support at 1.1975 before a more sustained (and sizeable) pullback can be expected. At this stage, the prospect for a break of 1.1975 is not high but it would increase unless EUR moves above 1.2105 within these few days.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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