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#1 07-01-2019 09:03:00

johnedward
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From: Paris - France
Registered: 21-12-2009
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EUR/USD: bearish risks have eased on the euro (UOB)

EUR/USD: bearish risks have eased on the euro (UOB)

     

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Intraday EUR/USD analysis

We stressed last Friday that the recovery of the EUR/USD "could still progress but a sustained climb above 1.1430 seems unlikely". The 1.1430 level was not questioned as the EUR eased after peaking at 1.1420. The underlying tone has improved and from here on out, the euro could rise above 1.1430, but a break of the next resistance line at 1.1460 is not expected. Support is at 1.1380 but the strongest level is at 1.1355.

Short-term EUR/USD analysis

While the "key resistance" level at 1.1430 is still intact (Friday high at 1.1420), the NY daily close at 1.1393 is enough to indicate that downward pressures have subsided. In other words, our recent expectations for the EUR/USD to move above the 1.1265 major level did not materialise. The current move is considered the beginning of a consolidation phase. From here on out, the euro will likely move laterally over the next two weeks, probably between 1.1320 and 1.500.


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

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