28 Nov 2014
EUR/USD underlying pressure on the upside -UOB Group
FXStreet (Barcelona) - The Market Strategy Team at UOB Group, notes that EUR failed to break the 1.2525/30 resistance but the underlying pressure is still on the upside as long as the pair remains above 1.2430 support.
Key Quotes
"EUR failed to move above the key resistant at 1.2525/30 and the subsequent pull-back is likely part of a consolidation phase. That said, 1.2430 is a strong short-term support and as long as this level is intact, the underlying pressure is still on the upside but a sustained mid-term up-move is only upon a clear break above 1.2525/30."
Key Quotes
"EUR failed to move above the key resistant at 1.2525/30 and the subsequent pull-back is likely part of a consolidation phase. That said, 1.2430 is a strong short-term support and as long as this level is intact, the underlying pressure is still on the upside but a sustained mid-term up-move is only upon a clear break above 1.2525/30."