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FX Strategists at UOB Group noted the upside momentum in EUR/USD could extends the mid-1.1900s in the next weeks.

Key Quotes

24-hour view: “EUR dipped to 1.1865 last Friday before rebounding to close slightly lower at 1.1896 (-0.13%). The rebound has room to test the resistance at 1.1925 but the major resistance at 1.1945 is likely out of reach. Support is at 1.1880 followed by 1.1860.”

Next 1-3 weeks: “We have held a positive view in EUR since early last week. In our latest narrative from last Wednesday (07 Apr, spot at 1.1875), we highlighted that the ‘rebound in EUR could extend further’ and ‘the next major resistance is at 1.1945’. Since then, EUR has not been able to make much headway on the upside. Upward momentum has waned but there is still chance for EUR to move higher to 1.1945. Only a breach of 1.1830 (‘strong support’ level previously at 1.1770) would indicate that the upside risk has dissipated.”

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