Back
10 Dec 2014
Downward pressure eases, but new lows cannot be ruled out – UOB
FXStreet (Barcelona) - The UOB Group Research Team, notes that the downward pressure on the EUR/USD pair has eased a bit, but another dive cannot be ruled out until the resistance at 1.2455 is taken out.
Key Quotes
“The overnight high of 1.2447 held just below the key 1.2455 resistance. A clear break above this level would indicate a break-out of the falling wedge formation which is expected to lead to a bullish reversal targeting 1.2530 followed by 1.2600. The downward pressure has eased but until 1.2455 is taken out, another leg lower towards the ideal target at 1.2230 cannot be ruled out just yet (recent low of 1.2243).”
Key Quotes
“The overnight high of 1.2447 held just below the key 1.2455 resistance. A clear break above this level would indicate a break-out of the falling wedge formation which is expected to lead to a bullish reversal targeting 1.2530 followed by 1.2600. The downward pressure has eased but until 1.2455 is taken out, another leg lower towards the ideal target at 1.2230 cannot be ruled out just yet (recent low of 1.2243).”