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EUR/USD still constructive near term – UOB

According to FX Strategists at UOB Group, the pair’s stance remains positive in the short-term horizon.

Key Quotes

24-hour view: “EUR dipped to a low of 1.1828 before recovering to end the day largely unchanged. The rebound from the low has scope to extend higher but any up-move is not expected to move above 1.1915 (1.1895 is already quite a strong resistance). Support is at 1.1845 followed by 1.1825”.

Next 1-3 weeks: “EUR spent another day ‘going nowhere’ and the outlook remains neutral for now. However, as highlighted in recent updates, the undertone is on the positive side and this could lead to a retest of last week’s peak near 1.1960. At this stage, we do not apportion high odds for a clear break above this level. Overall, only a move back below the key short-term support at 1.1805 would indicate that the current mild upward pressure has eased”.

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