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20 Mar 2014
EUR has found a top? - UOB Group
FXStreet (Barcelona) - The Market Strategy Team at UOB Group believes the EUR/USD found a new top beyond the 1.3900 handle.
Key Quotes
"Likely in the early stages of a pullback towards 1.3730. The break of 1.3825 suggests that EUR has found a top at the recent high of 1.3965/70 and the current movement is likely the early stages of a deep pull-back.”
“However, the immediate support is nearby at 1.3790 but a break below this level is expected to lead to a quick drop towards the target at 1.3730. Only a break above 1.3935 would indicate another attempt to take out the strong mid-term resistant at 1.3965/70."
Key Quotes
"Likely in the early stages of a pullback towards 1.3730. The break of 1.3825 suggests that EUR has found a top at the recent high of 1.3965/70 and the current movement is likely the early stages of a deep pull-back.”
“However, the immediate support is nearby at 1.3790 but a break below this level is expected to lead to a quick drop towards the target at 1.3730. Only a break above 1.3935 would indicate another attempt to take out the strong mid-term resistant at 1.3965/70."