EUR/USD now targets 1.1435 in the near term – UOB
|FX Strategist at UOB Group now sees the pair could attempt a test of the 1.1430 region in the next 1-3 weeks.
Key Quotes
“After trading mostly sideways for several weeks, EUR got a tremendous boost from Draghi and rocketed above the major 1.1300 resistance to hit 1.1349”.
“The abrupt and strong rally appears to be running ahead of itself but there is scope for further up-move towards 1.1435. This solid resistance sits just below the weekly trend-line as well as being the high in June 2016”.
“Above this level, there is hardly any significant resistance until the 2016 high of 1.1614. In order to maintain the current impulsive momentum, any pullback should not move back below 1.1230. In view of the overbought short-term conditions, those looking to buy may like to wait for a dip to 1.1290/95 to initiate long”.
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.