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5 Feb 2016
EUR/USD: upside could struggle near 1.1300 – UOB
The research team at UOB Group expects the pair’s upside to find strong resistance around 1.1300 in the very near term.
Key Quotes
“EUR continues to advance at a torrid pace; blasting through strong resistances easily to reach 1.1238 in overnight trading (just below the major 1.1240 resistance)”.
“The rally appears to have scope to extend higher but at this stage, any up-move is not expected to move beyond 1.1300 (at least not for today)”.
“Support is at 1.1145 but only a move back below 1.1100 would indicate that a temporary top is in place”.
Key Quotes
“EUR continues to advance at a torrid pace; blasting through strong resistances easily to reach 1.1238 in overnight trading (just below the major 1.1240 resistance)”.
“The rally appears to have scope to extend higher but at this stage, any up-move is not expected to move beyond 1.1300 (at least not for today)”.
“Support is at 1.1145 but only a move back below 1.1100 would indicate that a temporary top is in place”.