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13 Mar 2015
EUR/USD to consolidate before turning bearish again – UOB
FXStreet (Barcelona) - Analysts at UOB Group, see the current price indicative of a consolidative tone, expecting the pair to remain in the 1.0450-1.0780 range for 1-2 weeks before turning bearish.
Key Quotes
“EUR dipped just below 1.0510 yesterday before rallying sharply to take out the trailing-stop at 1.0660.”
“The bearish phase that started late last month has ended and the current movement could be the start of a consolidation phase which may last for 1 to 2 weeks.”
“In other words, we are neutral now and expect this pair to trade between 1.0450 and 1.0780.”
“Looking further ahead, EUR weakness is still expected after the consolidation phase is over.”
Key Quotes
“EUR dipped just below 1.0510 yesterday before rallying sharply to take out the trailing-stop at 1.0660.”
“The bearish phase that started late last month has ended and the current movement could be the start of a consolidation phase which may last for 1 to 2 weeks.”
“In other words, we are neutral now and expect this pair to trade between 1.0450 and 1.0780.”
“Looking further ahead, EUR weakness is still expected after the consolidation phase is over.”