Home EUR/USD: Likely On A Firm Footing Against Strong Support At 1.1020 – UOB
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EUR/USD: Likely On A Firm Footing Against Strong Support At 1.1020 – UOB

EUR/USD has been looking for a new direction ahead of critical events. Where next?

Here is their view, courtesy of eFXdata:

UOB Research discusses EUR/USD technical outlook and  maintains a tactical bullish bias in the near-term.

“While it is too early to expect a sustained advance,  EUR could test the strong 1.1125 resistance. At this stage, the probability of a sustained rise above this level is not high. Looking forward, a NY closing above 1.1125 would suggest EUR is ready to challenge last month’s peak near 1.1180,” UOB notes.

All in, EUR is expected to trade with a firm footing and only a break of 1.1020  (no change in ‘strong support’ level) would indicate that the current upward pressure has eased,” UOB adds.

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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.