EUR/USD has been recovering gently, thanks to mixed messages from the Federal Reserve. What’s next?
Here is their view, courtesy of eFXdata:
UOB discusses EUR/USD technical outlook and highlights the importance of breaking above 1.1179 in the near-term to sustain bullish bias.
“With the rally in EUR overnight, the positive phase in EUR that started earlier this month (see annotations in the chart below) is starting to show signs of life again. However, set against the backdrop of flagging upside momentum, EUR has to make strong headways towards 1.1200 within the next few sessions else the up-move may start to falter again,” UOB notes.
“An immediate level on the upside is Oct’s high of 1.1179 which EUR needs to punch through convincingly. On the downside, support is at 1.1110 and a move below 1.1070 would mean that upside pressure has eased,” UOB adds.
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