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FX Strategists at UOB Group noted EUR/USD could now attempt a move to 1.2115 in the next weeks.

Key Quotes

24-hour view: “We did not anticipate the sudden surge in EUR that blew past the solid resistance zone between 1.2000 and 1.2010 (high of 1.2048). Upward momentum remains strong and EUR could advance further towards 1.2065. For today, the next resistance at 1.2115 is unlikely to come into the picture. Support is at 1.2015 followed by 1.1995.”

Next 1-3 weeks: “We have held a positive outlook in EUR for two weeks. As the advance in EUR struggled to break 1.2000, we highlighted yesterday (19 Apr, spot at 1.1970) that ‘unless EUR breaks clearly above 1.2000/1.2010 within these couple of days, the chance for further EUR strength would diminish quickly’. EUR subsequently cracked 1.2000/1.2010 and surged to 1.2048. Upward momentum has been boosted and the next level to focus on is at 1.2115. That said, there is a rather strong resistance level at 1.2065. The current positive phase in EUR is deemed intact as long as it does not move below 1.1965 (‘strong support’ level was at 1.1915 yesterday).”