31 Jul 2015
EUR/USD bearish below 1.0960 – UOB
FXStreet (Mumbai) - The chart of the day from the UOB market research team lists number of technical reasons to believe that the immediate pressure on the EUR is downside after the break below 1.0960.
Key Quotes
“The clear break below 1.0960 indicates that our recent expectation for a higher EUR is wrong but despite the sharp losses over the last couple of days, we are not convinced that the current weakness is the start of a directional movement.”
“That said, the immediate pressure is on the downside and the sharp drop from the high of 1.1125/30 seen earlier this week appears to have scope to extend lower to test the major support at 1.0815/20.”
“Only a move back above 1.1080 would indicate that the downward pressure has eased.”
Key Quotes
“The clear break below 1.0960 indicates that our recent expectation for a higher EUR is wrong but despite the sharp losses over the last couple of days, we are not convinced that the current weakness is the start of a directional movement.”
“That said, the immediate pressure is on the downside and the sharp drop from the high of 1.1125/30 seen earlier this week appears to have scope to extend lower to test the major support at 1.0815/20.”
“Only a move back above 1.1080 would indicate that the downward pressure has eased.”