18 Dec 2014
EUR/USD may move towards 1.2190 – UOB
FXStreet (Barcelona) - Analysts at UOB Group feel that the a break below the recent low of 1.2245 could lead to a move towards the major support at 1.2190, and further anticipate the 1.2245 level to hold till year-end.
Key Quotes
“The unexpected break below the trailing-stop at 1.2360 indicates that the bullish phase that started middle of last week (see Chart of the Day dated 11/12/14) has ended and the high of 1.2570 is the extent of the up-move (1.2600 target is not met).”
“While the immediate pressure is on the downside the current movement does not appear to be the start of a fresh bearish phase.”
“Mid-term oscillators are still in the midst of unwinding from oversold conditions and positive MACD suggest a period of broad sideway trading range.”
“A break below the recent low of 1.2245 could lead to a move towards the major support at 1.2190 but this level is expected to hold for an overall neutral trading range of 1.2190/ 1.2500 which could last until end of the year.”
Key Quotes
“The unexpected break below the trailing-stop at 1.2360 indicates that the bullish phase that started middle of last week (see Chart of the Day dated 11/12/14) has ended and the high of 1.2570 is the extent of the up-move (1.2600 target is not met).”
“While the immediate pressure is on the downside the current movement does not appear to be the start of a fresh bearish phase.”
“Mid-term oscillators are still in the midst of unwinding from oversold conditions and positive MACD suggest a period of broad sideway trading range.”
“A break below the recent low of 1.2245 could lead to a move towards the major support at 1.2190 but this level is expected to hold for an overall neutral trading range of 1.2190/ 1.2500 which could last until end of the year.”