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19 Feb 2016
EUR/USD: a technical outlook, bearish belo1 1.1250 - UOB
Analysts at UOB group noted the technical conditions in EUR/USD.
Key Quotes:
"We were of the view that a short-term top is in place at 1.1375 and the corrective pull-back from the high could extend lower to 1.1060. We have seen a low of 1.1068 but with no signs of stabilization just yet, the current weakness could extend towards the next major support at 1.0990.
That said, the down-move so far is clearly not impulsive and the odds for a move to 1.0990 is not high.
Overall, this pair is expected to remain under mild downward pressure in the coming days unless there is a move back above 1.1250/55."
Key Quotes:
"We were of the view that a short-term top is in place at 1.1375 and the corrective pull-back from the high could extend lower to 1.1060. We have seen a low of 1.1068 but with no signs of stabilization just yet, the current weakness could extend towards the next major support at 1.0990.
That said, the down-move so far is clearly not impulsive and the odds for a move to 1.0990 is not high.
Overall, this pair is expected to remain under mild downward pressure in the coming days unless there is a move back above 1.1250/55."