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#1 11-12-2018 09:33:22

Admin & Trader
From: Paris - France
Registered: 21-12-2009
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EUR/USD: the euro shows new signs of consolidation on the forex (UOB)

EUR/USD: the euro shows new signs of consolidation on the forex (UOB)

UOB notes that the EUR/USD still lacks momentum and continues to consolidate within a range on the forex.

Intraday EUR/USD analysis:

"The EUR/USD tested the major resistance level at 1.1440 and hit a peak at 1.1443, but the fast and strong correction was not expected (low at 1.1348). The EUR/USD remains under pressure, but for today, the major support level at 1.1300 should not be seriously threatened (1.1320 is already a solid support level). On the upside, only a move above 1.1410 would suggest that the current EUR/USD decline has stabilised (minor resistance is at 1.1385)."

Short term EUR/USD analysis:

"The EUR/USD came out of the 1.1300/1.1440 consolidation range yesterday, but fell back quickly after hitting 1.1443. The price action strengthens our current view, where the EUR/USD is locked in a consolidation range for the moment. The underlying tone has weakened somewhat, and the 1.1440/1.1445 level is probably strong enough to limit any rise in the euro in the next few days. However the bottom of the range at 1.1300 is a solid support level. While a move underneath would not be surprising, the lack of momentum suggests that a break of the next support level at 1.1265 is unlikely."

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



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