EUR/USD upside pressure seen easing below 1.19 – UOB

FX Strategists at UOB Group noted the mild pressure in EUR/USD is expected to subside if 1.19 is cleared in the next weeks.

Key Quotes

24-hour view: “Our expectation for EUR to ‘edge higher’ did not materialize as it dipped to 1.1908 before rebounding. The underlying tone still appears to be positive and we see chance for EUR to test the 1.1990 level. The next resistance at 1.2030 is not likely to come into the picture. Support is at 1.1925 followed by 1.1900.”

Next 1-3 weeks: “Shorter-term momentum has improved somewhat, and this could lead to EUR edging higher but the major resistance at 1.2060 is unlikely to come into the picture. On a shorter-term note, 1.2030 is already a strong level. On the downside, a break of 1.1900 would indicate the current mild upward pressure has eased.”