10 Feb 2014
Flash: Expect further EUR/USD upside - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group expects further EUR/USD up-move towards 1.3740 but a clear break appears unlikely.
Key Quotes
“The move back above 1.3620 is accompanied by Daily MACD crossing into positive territory. However, upward momentum is not strong and any further up-move will likely struggle to move above the strong resistant at 1.3740.”
“In other words, expect initial strength but any up-move is likely part of wider consolidation instead of the start of new up-trend. Strong support is at 1.3540 followed by the recent low at 1.3477.”
“Supports: 1.3540, 1.3477 Resistants: 1.3665, 1.3740.”
Key Quotes
“The move back above 1.3620 is accompanied by Daily MACD crossing into positive territory. However, upward momentum is not strong and any further up-move will likely struggle to move above the strong resistant at 1.3740.”
“In other words, expect initial strength but any up-move is likely part of wider consolidation instead of the start of new up-trend. Strong support is at 1.3540 followed by the recent low at 1.3477.”
“Supports: 1.3540, 1.3477 Resistants: 1.3665, 1.3740.”