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According to FX Strategists at UOB Group, the pair is seen testing the 1.1790 area in the next weeks.

Key Quotes

24-hour view: “EUR rebounded from a low of 1.1616 and did not dip below the 1.1605 support as we expected. The rebound appears to be struggling and the overnight high of 1.1698 is acting as strong resistance now (next resistance is at last week’s 1.1721 peak). From here, we expect EUR to ease off but the major 1.1605 support is unlikely to be threatened (1.1630 is already a rather strong support level)”.

Next 1-3 weeks: “The 1.1605 ‘key support’ indicated in recent updates continue to hold as EUR rebounded from a low 1.1616 and recovered most of last Friday’s steep loss. There is no change to our view and we continue to see chance for EUR to stage a stronger recovery to 1.1790. That said, in order to maintain the current lackluster momentum, EUR has to move and stay above 1.1690 within these 1 to 2 days or the current mild upward pressure would ease quickly”.

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