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#1 23-10-2018 21:22:32

johnedward
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From: Paris - France
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EUR/USD: UOB still has a bearish bias, highlights strength of support

EUR/USD: UOB still has a bearish bias, and highlights the strength of support at 1.1430

     

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In a note published today, the UOB bank believes that the chances of the euro-dollar breaking below the psychological threshold of 1.14 are declining.

"Instead of moving horizontally as we expected, the euro fell on Monday after an initial upward movement to 1.1550. The US session close at 1.1463 suggests that there is room for a greater decline.

However, bearish momentum is not strong, and major support at 1.1430 shouldn't yield very easily.

Resistance levels are at 1.1495, and then 1.1520, and 1.1550, a threshold that should prove strong enough to block potential attempts of the euro to climb in the coming days.

Nevertheless, the chances of a break below the psychological threshold of 1.14 have decreased, as the 1.1430 area has recently - and once again - proved its status as a support level.
"


"Anything worth having is worth going for - all the way." - J.R. Ewing

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