Currency strategists at UOB Group noted prospects EUR / USD in the short term, it will continue to show a downward trend, with the focus on the 1.1975 level.
24-hour review: “Our yesterday’s view that the euro might“ test 1.2000 first before stabilizing ”was wrong as it rebounded strongly from 1.2011. The current move is seen as part of the consolidation and the euro is expected to trade sideways today, probably between 1.2030 and 1.2090. “
Next weeks 1-3: “We have nothing to add to our update yesterday (May 3, 1.2030 spot). As it was emphasized, the recent positive phase has exhausted itself, and the short-term trend tends to decrease. However, the euro should break through the major support at 1.1975 before a longer (and significant) pullback can be expected. At this stage, the prospect of a breakout of 1.1975 is not great, but it will increase if the euro does not rise above 1.2105 during these few days.