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FX Strategists at UOB Group noted EUR/USD is now likely to trade within the 1.2095-1.2245 range in the next weeks.

Key Quotes

24-hour view: “Our expectation for EUR to ‘test the strong support at 1.2145’ yesterday was incorrect as it rebounded to 1.2229 during NY session. While upward momentum has not improved by much, there is room for EUR to advance towards the major resistance at 1.2245. Barring a surge in momentum, the next resistance at 1.2265 is unlikely to come into the picture. Support is at 1.2200 followed by 1.2180.”

Next 1-3 weeks: “Yesterday (24 May, spot at 1.2180), we held the view that EUR ‘is likely to trade between 1.2095 and 1.2245’. There is no change in our view for now even though shorter-term momentum has improved slightly. While EUR could move above 1.2245, it has to close above 1.2265 before a sustained advance can be expected.”