11 Mar 2016
EUR/USD outlook shifted to bullish – UOB
The pair’s outlook for the next 1-3 weeks has now shifted to bullish from neutral, according to the research team at UOB Group.
Key Quotes
“The strong overnight rally is accompanied by impulsive momentum and the outlook for EUR in the next 1 to 2 weeks has shifted to bullish from neutral. That said, it is very likely that we have seen a bulk of the move”.
“The current price action is reminiscent of the rally last December where the one day surge to a high of 1.0980 led to a limited extension to 1.1059 (before quickly turning sideways)”.
“Only clear and sustained break above 1.1245 would indicate that a move towards 1.1375 has started. Support is at 1.1090 but only a move below 1.1030 would indicate that temporary top is in place”.
Key Quotes
“The strong overnight rally is accompanied by impulsive momentum and the outlook for EUR in the next 1 to 2 weeks has shifted to bullish from neutral. That said, it is very likely that we have seen a bulk of the move”.
“The current price action is reminiscent of the rally last December where the one day surge to a high of 1.0980 led to a limited extension to 1.1059 (before quickly turning sideways)”.
“Only clear and sustained break above 1.1245 would indicate that a move towards 1.1375 has started. Support is at 1.1090 but only a move below 1.1030 would indicate that temporary top is in place”.