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#1 10-12-2018 09:08:11

johnedward
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From: Paris - France
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EUR/USD: the euro is reinforcing itself in intraday, but... (UOB)

EUR/USD: the euro is reinforcing itself in intraday, but consolidation remains in the cards at this point (UOB)

     

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UOB retains a positive tone for the EUR/USD in intraday on the forex, but believes that consolidation could still continue in the short term.

Intraday EUR/USD analysis:

"The EUR/USD hit a peak at 1.1423 before moving back. The tone still looks positive and the EUR/USD is now testing the major resistance level at 1.1440, but a clear break above this level would be a surprise.

On the downside, only a move below 1.1360 would indicate that upward pressures have eased (minor support is at 1.1385).
"

Short term EUR/USD analysis:

"While the tone of the EUR/USD has strengthened somewhat, we continue to think that the euro is locked in its range for the moment, and should continue to evolve laterally.

That being said, given the low price action in recent days, the 1.1300/1.1440 range could be enough to contain the pair this week (after a wider 1.1265/1.1440 range that was previously expected).

Subsequently, a clear breakout above 1.1440 would suggest that ther EUR/USD is ready to test last month's peak near 1.1500.
"


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