14 Mar 2014
Flash: EUR/USD to get below 1.3770? - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group feels that confirmation of a bearish EUR/USD reversal is only upon a move below 1.3770.
Key Quotes
“The 1.3960 target that was first highlighted in Monday’s Weekly Technical update was met yesterday with a high of 1.3967. The subsequent sharp drop and weak daily close have severely dented the upward momentum and increase the risk of a bearish reversal.”
“However, confirmation of a reversal is only upon a break below the rising trend-line support at 1.3770. In other words, as long as this level is intact, a move back above the strong resistant at 1.3965/70 cannot be ruled out. In the meanwhile, the immediate short-term downward pressure will be alleviated only upon a move above 1.3915/20.”
Key Quotes
“The 1.3960 target that was first highlighted in Monday’s Weekly Technical update was met yesterday with a high of 1.3967. The subsequent sharp drop and weak daily close have severely dented the upward momentum and increase the risk of a bearish reversal.”
“However, confirmation of a reversal is only upon a break below the rising trend-line support at 1.3770. In other words, as long as this level is intact, a move back above the strong resistant at 1.3965/70 cannot be ruled out. In the meanwhile, the immediate short-term downward pressure will be alleviated only upon a move above 1.3915/20.”