EUR/USD still eyes a test of 1.1400 – UOB
|The pair remains neutral and could slip back to the 1.1400 area in the next weeks, noted FX Strategists at UOB Group.
Key Quotes
24-hour view: “Against our expectation, the major 1.1430 support continues to hold as EUR staged a surprisingly robust and resilient rebound from a low of 1.1431 and hit a high of 1.1534. The recovery appears to be running ahead of itself and further sustained advance is not expected for today. EUR is more likely to consolidate its gains and trade sideways at these higher levels, expected to be within a 1.1470/1.1540 range”.
Next 1-3 weeks: “EUR failed to break the 1.1430 support last Friday, staged a robust rebound from a low of 1.1431 and hit a high of 1.1534. The price action is incongruent with our view wherein we think the major support 1.1400 support is ‘vulnerable’. However, only a break of the ‘key resistance’ at 1.1540 (no change in level) would indicate that the current downward pressure has eased. That said, the prospect for a break of 1.1400 has clearly diminished”.
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.