Back
5 Oct 2015
EUR/USD: 1.1330 is key resistance - UOB
FXStreet (Guatemala) - Analysts at UOB Group noted that EUR/USD spiked to a high 1.1315/20 but reversed sharply and rapidly from the top.
Key Quotes:
"It is likely that a temporary top is in place but the down-move from the high is viewed as part of a consolidation and not the start of a sustained down move.
"While EUR broke above 1.1295 last Friday, it failed to move above the next key level at 1.1330.
From here, only a clear break above this level will shift the current neutral outlook to bearish. In the meanwhile, this pair is expected to trade in choppy manner, likely within 1.1115 and 1.1330 for another week or so."
Key Quotes:
"It is likely that a temporary top is in place but the down-move from the high is viewed as part of a consolidation and not the start of a sustained down move.
"While EUR broke above 1.1295 last Friday, it failed to move above the next key level at 1.1330.
From here, only a clear break above this level will shift the current neutral outlook to bearish. In the meanwhile, this pair is expected to trade in choppy manner, likely within 1.1115 and 1.1330 for another week or so."