11 May 2015
EUR rally is tiring - UOB Group
FXStreet (Guatemala) - Quek Ser Leang, Analyst at UOB Group explained that the sharp pull-back from the high of 1.1390 last week clearly indicates that the current EUR rally is tiring.
Key Quotes:
"However, confirmation of a short-term top is only upon a break back below the key support at 1.1140. Unless EUR can reclaim 1.1290 in the next 1 to 2 days, this appears to be a likely scenario."
"That said, any down-move is viewed as a corrective pull-back and not the start of a bearish reversal."
"1.1045/50 is a very strong mid-term support and this level will not be easy to break. Supports: 1.1140, 1.1045 Resistance: 1.1290, 1.1390."
Key Quotes:
"However, confirmation of a short-term top is only upon a break back below the key support at 1.1140. Unless EUR can reclaim 1.1290 in the next 1 to 2 days, this appears to be a likely scenario."
"That said, any down-move is viewed as a corrective pull-back and not the start of a bearish reversal."
"1.1045/50 is a very strong mid-term support and this level will not be easy to break. Supports: 1.1140, 1.1045 Resistance: 1.1290, 1.1390."