EUR/USD: Strong resistance aligns at 1.2185- UOB

EUR/USD keeps the positive bias unchanged, although it still faces strong resistance at 1.2185, suggested FX Strategists at UOB Group.

Key Quotes
24-hour view: “Yesterday, we highlighted that EUR ‘could still advance albeit overbought conditions suggest that subsequent major resistance at 1.2185 is probably going out of reach’. We added, ‘there may be a relatively strong resistance at 1.2145’. EUR subsequently advanced to 1.2149 before easing off to trade mostly sideways (low has been 1.2101). While upward momentum has waned, it appears too early to expect a sustained pullback. For today, EUR could edge higher but the main resistance at 1.2185 remains likely out of reach (there may be a minor resistance at 1.2160). Support is at 1.2100 followed by 1.2080.”

Next 1-3 weeks: “There isn’t much to feature to our update from yesterday (29 Apr, spot at 1.2135). As highlighted, the positive introduction EUR that started early this month remains intact. However, insight of the overbought conditions, EUR may find it hard to interrupt the main resistance at 1.2185. On the downside, a breach of 1.2050 (no change in ‘strong support’ level) would indicate that the positive phase has come to an end.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and will not in any way encounter as a recommendation to shop for or sell in these assets. you ought to do your own thorough research before making any investment decisions. FXStreet doesn’t in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also doesn’t guarantee that this information is of a timely nature. Investing in Open Markets involves an excellent deal of risk, including the loss of all or some of your investment, also as emotional distress. All risks, losses, and costs related to investing, including total loss of principal, are your responsibility. The views and opinions expressed during this article are those of the authors and don’t necessarily reflect the official policy or position of FXStreet nor its advertisers.

admin

Read Previous

EUR/USD is well-positioned to take advantage of better than expected German GDP

Read Next

EUR/USD breaches 1.2100 post-EMU, German data

Leave a Reply

Your email address will not be published. Required fields are marked *