25 Mar 2014
EUR/USD: Close above 1.3875/80 exposes 1.3935, 1.3970 - UOB
FXStreet (Bali) - The Market Strategy Team at UOB Group shares his thoughts on the EUR/USD, noting a daily close above 1.3875/80 would be a technical positive development.
Key Quotes
"Despite the sharp rebound from the low of 1.3760 yesterday, there is no confirmation of a bottom just yet. However, a daily close above 1.3875/80 would suggest that EUR is ready to tackle the strong mid-term resistant at 1.3935 followed by 1.3970. Otherwise, we continue to view the current movement as a pullback from the recent high of 1.3967 with an ideal target of 1.3730."
Key Quotes
"Despite the sharp rebound from the low of 1.3760 yesterday, there is no confirmation of a bottom just yet. However, a daily close above 1.3875/80 would suggest that EUR is ready to tackle the strong mid-term resistant at 1.3935 followed by 1.3970. Otherwise, we continue to view the current movement as a pullback from the recent high of 1.3967 with an ideal target of 1.3730."