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EUR/USD now focused on 1.1200 – UOB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The research team at UOB Group has now turned its attention to a potential break below the 1.1200 key support.

    Key Quotes

    “While the price action after last Thursday’s peak of 1.1340/45 is viewed as a short-term consolidation phase, the recent build-up in upward momentum has fizzled out quickly”.

    “Unless EUR can reclaim 1.1305 in the next 1 to 2 days, the risk of a break below the 1.1200 stop-loss will increase quickly”.

    “To put it another way, a break below 1.1200 would indicate that the bullish EUR phase that started on 11 Mar has topped out at 1.1340/45 (the major 1.1375 resistance was not threatened)”.
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