EUR/USD eyes a test of 1.1900 – UOB
The pair could attempt a visit to the 1.1900 level in the next weeks, according to FX Strategists at UOB Group.
Key Quotes
24-hour view: “While we highlighted last Friday that a “temporary top is in place”, the anticipated weakness in EUR was more pronounced than expected as it easily took out the 1.1750 support to hit a low of 1.1724. The down-move appears to be running ahead of itself and the swift rebound from the 1.1724 low suggests that EUR has moved into a consolidation phase. In other words, EUR is expected to trade sideways from here, likely within a 1.1740/1.1820 range”.
Next 1-3 weeks: “After closing higher for four consecutive days, EUR slipped last Friday and closed -0.26% lower at 1.1766. Despite the ‘weak’ price action, we continue to detect a positive undertone and are not ruling out the possibility that EUR could stage a stronger corrective rebound to 1.1900. Only a break of the ‘key support’ at 1.1690 (level remains the same) would indicate the current positive bias has eased”.
Author
Pablo Piovano
FXStreet
Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.
