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4 Feb 2015
EUR/USD corrective rebound may extend to 1.1675 – UOB Group
FXStreet (Barcelona) - Analysts at UOB Group, expect EUR/USD's corrective rebound to extend to 1.1675 levels in 1-2 weeks.
Key Quotes
“We shifted to a neutral stance last Wednesday when EUR broke above 1.1360. The expected neutral consolidation has likely ended with the break above the falling trend-line resistance yesterday.”
“This coupled with Daily MACD moving into positive territory suggests that the current up-move could extend higher towards the pre-ECB QE high of 1.1675.”
“From a longer-term perspective, any up-move is viewed as a corrective rebound and not the start of a bullish reversal.”
“In the meanwhile, only a move below 1.1300 would indicate that the upward pressure has eased.”
“Otherwise, a move towards 1.1675 is likely in the next 1 to 2 weeks.”
Key Quotes
“We shifted to a neutral stance last Wednesday when EUR broke above 1.1360. The expected neutral consolidation has likely ended with the break above the falling trend-line resistance yesterday.”
“This coupled with Daily MACD moving into positive territory suggests that the current up-move could extend higher towards the pre-ECB QE high of 1.1675.”
“From a longer-term perspective, any up-move is viewed as a corrective rebound and not the start of a bullish reversal.”
“In the meanwhile, only a move below 1.1300 would indicate that the upward pressure has eased.”
“Otherwise, a move towards 1.1675 is likely in the next 1 to 2 weeks.”