Home EUR/USD: Shallow Or Real Correction – Nomura, UOB, Barclays,
EUR/USD Daily

EUR/USD: Shallow Or Real Correction – Nomura, UOB, Barclays,

EUR/USD is inching up on risk aversion, repeating the movements seen last week. But the jury remains out on what’s next.

Here are several views:

Here is their view, courtesy of eFXnews:

The technical strategy teams at Nomura, UOB Group, Barclays Capital, and SocGen provide their views on the technical setup on EUR/USD ongoing correction.

Nomura: shallow correction higher marks wave-(2); lower now.  The rally to 1.1332 satisfies a shallow correction of the sharp 1.17 to 1.1156 decline. This countertrend rally sets the stage for a fresh decline to below 1.1156 as wave-(3) unfolds. S/t, resistance and risk to this call is the o/n high at 1.1332. The next key break level is channel and old neckline support near 1.1214.

EURUSD technical chart September 2015 euro dollar looking for direction

UOB:  EUR/USD is likely in the early stages of forming a base. The sharp drop from the high of 1.1708/13 last Monday is losing momentum and the current movement appears to be the early stages of a bottoming process. However, until there is a clear break above 1.1370, another attempt to move towards the major support at 1.1105 cannot be ruled out just yet

Barclays: We are bearish and would look to fade upticks in range towards 1.1430. Monthly and weekly candles point to further downside. Our initial targets are towards the 1.1000/1.1020 area.

euro dollar chart of the day September 2015

SocGen:  After re-integration within the triangle, EUR/USD has hit the graphical support and an upward trend near 1.12. Indeed, it tested the key support at 1.05/1.04 and a corrective recovery is in force. However, last month the pair hasn’t been able to break above the recent range of open/closes (1.1290 on closing basis while 1.1440 otherwise). This highlights that previous broad range still persists and a move above 1.14/1.1440 is needed to signal further recovery towards 1.1810…Very short term, holding 1.12 a recovery looks likely towards 1.14/1.1440.

For lots  more FX trades from major banks, sign up to eFXplus

By signing up to eFXplus via the link above, you are directly supporting  Forex Crunch.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.