4 Feb 2014
Flash: EUR/USD to weaken to 1.3400? - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group expects immediate EUR/USD weakness towards 1.3400 but feels that a clear break appears unlikely.
Key Quotes
“The sharp drop from late last week appears incomplete and extension lower is likely. However, downward momentum is not strong and any further down-move will likely struggle to move below the strong mid-term support at 1.3400.”
“In other words, expect immediate weakness but any drop is likely part of a wider consolidation range and acceleration lower appears unlikely for now. Strong resistant is at 1.3620 followed by 1.3665.”
“Supports: 1.3460, 1.3400. Resistants: 1.3620, 1.3665.”
Key Quotes
“The sharp drop from late last week appears incomplete and extension lower is likely. However, downward momentum is not strong and any further down-move will likely struggle to move below the strong mid-term support at 1.3400.”
“In other words, expect immediate weakness but any drop is likely part of a wider consolidation range and acceleration lower appears unlikely for now. Strong resistant is at 1.3620 followed by 1.3665.”
“Supports: 1.3460, 1.3400. Resistants: 1.3620, 1.3665.”