24-hour view: “Our expectation for EUR to ‘test the strong support at 1.2145’ yesterday was incorrect because it rebounded to 1.2229 during NY session. While upward momentum has not improved by much, there’s room for EUR to advance towards the main resistance at 1.2245. Barring a surge in momentum, subsequent resistance at 1.2265 is unlikely to return into the image . 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’s no change in our view for now albeit shorter-term momentum has improved slightly. While EUR could move above 1.2245, it’s to shut above 1.2265 before a sustained advance are often expected.”
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