EUR/USD: UOB observes an improved tone of the euro and a possible rally soon

UOB believes that the tone of the EUR/USD has improved in the very short term.

"The EUR/USD moved between 1.2217 and 1.2290 on Friday. However, the tone has improved with the strong daily close on Friday and the immediate pressures are on the upside.

That being said, any increase should not clearly break above the strong resistance at 1.2315 (there is another strong resistance level at 1.2350).

Support is at 1.2245 followed by 1.2215. This last threshold is probably out of reach for today."