In opinion of FX Strategists at UOB Group, EUR/USD is now anticipated to maneuver inside the 1.2080-1.2250 vary within the subsequent weeks.
24-hour view: “Final Friday, we held the view that ‘the rebound in EUR has scope to increase to 1.2195’. Our expectations didn’t materialize as EUR traded in a comparatively quiet method between 1.2150 and 1.2189 earlier than closing little modified at 1.2167 (+0.04%). The underlying tone nonetheless seems to be constructive and EUR may check the 1.2195 resistance. The subsequent resistance at 1.2225 is just not anticipated to come back into the image. Help is at 1.2145 adopted 1.2125.”
Subsequent 1-3 weeks: “There may be not a lot so as to add to our replace from final Friday (22 Jan, spot at 1.2165). As highlighted, the present motion is considered because the early phases of a consolidation section and EUR is anticipated to commerce between 1.2080 and 1.2250 for a time frame.”