EUR/USD positive stance above 1.0500 – UOB

In opinion of FX Strategists at UOB Group, the perspective on EUR/USD remains positive while above the 1.0500 handle.

Key Quotes

EUR exceeded the major resistance indicated at 1.0650/70 yesterday to hit a high of 1.0684 but the up-move was short-lived”.

“Despite the pull-back from the high, the outlook for EUR is still positive but at this stage, it is unclear if it can continue to move higher in a sustained manner (even though technically the next significant resistance is at the 1.0872 high seen in early December)”.

“In view of the recent choppy price actions, it may be more prudent to approach this pair from a shorter-term perspective and be nimble and quick with entry and exit”.

“We deem the short-term outlook as ‘positive’ and expect the 1.0500 support to hold, at least for the next few days”.

 

  TREND INDEX OB/OS INDEX VOLATILY INDEX
15M Slightly Bullish Overbought High
1H Bearish Oversold Low
4H Bearish Neutral High
1D Bearish Neutral High
1W Bearish Neutral High

 

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 securities. 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 Forex 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.