Search ForexCrunch

What is the technical outlook for EUR/USD in the near-term?

Here is their view, courtesy of eFXdata:

UOB Research discusses EUR/USD technical outlook and adopts a bearish bias in the near-term.

“Weekly MACD has turned negative amid clear ‘bearish divergence’ and  the break of 1.2000 could lead to  a deeper pullback towards 1.1910. At this stage, the odds for EUR/USD to extend lower to the next support at 1.1800 are not high,” UOB notes.

“Overall, EUR/USD is expected to trade on its back foot for the next several weeks even though any weakness is viewed as part of a correction and not the start of a major reversal. Only an unlikely break of the 55-week exponential moving average (now at 1.1670) would indicate that 1.2349 is a more significant top than expected currently,” UOB adds.

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

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