18 Nov 2013
Flash: EUR/USD movement likely an extension of counter trend rally - UOB
FXstreet.com (Barcelona) - Quek Ser Leang, Technical Analyst at UOB, notes that key EUR/USD resistance at 1.3500 was slightly breached with a high of 1.3506 last Friday.
Key Quotes
“However, the movement so far appears to be an extension of the current counter-trend rally instead of a reversal higher.”
“Only a break above 1.3580 will suggest a move towards 1.3670. Otherwise, the undertone still appears weak but only a clear break below 1.3390 will lead to a move towards the key support at 1.3295.”
“This key level is a strong support and a sustained break below appears unlikely for now.”
“Support: 1.3390, 1.3295, Resistance: 1.3580, 1.3670.”
Key Quotes
“However, the movement so far appears to be an extension of the current counter-trend rally instead of a reversal higher.”
“Only a break above 1.3580 will suggest a move towards 1.3670. Otherwise, the undertone still appears weak but only a clear break below 1.3390 will lead to a move towards the key support at 1.3295.”
“This key level is a strong support and a sustained break below appears unlikely for now.”
“Support: 1.3390, 1.3295, Resistance: 1.3580, 1.3670.”