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7 Mar 2014
Flash: EUR/USD to 1.4250? - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group comments that UOB’s preferred scenario of a move towards the mid-1.38 was correct with EUR surging higher to touch a high of 1.3873 last evening.
Key Quotes
“1.3865/95 is a very strong and critical mid-term resistant zone. A break above this zone would suggest EUR could be on the verge of a multi-week rally towards 1.4250.”
“In the meanwhile, despite the overbought short- term conditions, there is no sign of weakness just yet. We believe EUR has the potential to continue its rally in the next few days, only a move below 1.3760 will indicate that a top is in place.”
Key Quotes
“1.3865/95 is a very strong and critical mid-term resistant zone. A break above this zone would suggest EUR could be on the verge of a multi-week rally towards 1.4250.”
“In the meanwhile, despite the overbought short- term conditions, there is no sign of weakness just yet. We believe EUR has the potential to continue its rally in the next few days, only a move below 1.3760 will indicate that a top is in place.”