Broker of the Week Oanda – Top US Forex Broker For USA Traders. - Read Full Review

Free Top Brokers Comparison Service


Weak phase over? – UOB

FX Strategists at UOB Group now see EUR/USD moving into a consolidative phase, likely between 1.2080 and 1.2225 in the next weeks.

Key Quotes

24-hour view: “Our expectation for EUR to ‘dip below 1.2075’ was wrong as it rebounded to 1.2173 before closing on a firm note at 1.2162 (+0.48%). Upward momentum has improved, albeit not by much. The rebound has scope to extend to 1.2195 but is unlikely to threaten the next resistance at 1.2225. Support is at 1.2135 followed by 1.2115.”

Next 1-3 weeks: “We have held a negative view in EUR since early last week. As EUR struggled to extend its decline, we highlighted on Wednesday (20 Jan, spot ta 1.2130) that EUR ‘has to move and stay below 1.2080 within these 1 to 2 days or odds for a move lower to 1.2010 would diminish quickly’. While EUR subsequently dropped to 1.2075, it rebounded strongly yesterday and edged above our ‘strong resistance’ level of 1.2170 (high of 1.2173). The price actions suggest that the weak phase that started earlier last week has ended. The current movement is viewed as the early stages of a consolidation phase and EUR is expected to trade between 1.2080 and 1.2250 for a period of time.”

Source link

We will be happy to hear your thoughts

      Leave a reply

      Trading foreign exchange on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.

      Advertiser Disclosure: helps investors across the globe by spending over hours each month testing and researching online brokers.

      How do we make money? Our partners compensate us through paid advertising.

      While partners may pay to provide offers or be featured, e.g. exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site.

      Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data.

      Disclaimer: It is our organization’s primary mission to provide reviews, commentary, and analysis that are unbiased and objective.

      While has some data verified by industry participants, it can vary from time to time.

      Operating as an online business, this site may be compensated through third-party advertisers.

      Our receipt of such compensation shall not be construed as an endorsement or recommendation by, nor shall it bias our reviews, analysis, and opinions.

      Best Forex Brokers Reviews
      Reset Password
      Compare items
      • Total (0)