EUR/USD bearish, targets 1.0900 – UOB
|Analysts at UOB Group see EUR/USD slipping lower to re-test the 1.0900 area in the next 1-3 weeks.
Key Quotes
“EUR popped to a high of 1.1029 but eased off quickly. The pull-back from the high is lacking in momentum and any decline from here is expected to encounter solid support near the recent low of 1.0950 (followed by the next major support at 1.0905/10)”.
“While there is no change to the bearish outlook for EUR, the current price action is clearly not inspiring for those who are bearish”.
“EUR really has to take out the recent low near 1.0950 soon or the current downward momentum would fizzle out quickly. Immediate target remains at 1.0905/10 and stop-loss is unchanged at 1.1040”.
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 should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.