In view of FX Strategists at UOB Group, the pair’s outlook is now neutral and has moved into a correction phase. Key Quotes 24-hour view: “Expectation for USD to dip below 112.80 did not materialize as it traded sideways instead before ending the day on a soft note (NY close of 112.94, -0.26%). We continue to see chance for USD to dip below 112.80 but at this stage, do not anticipate a break of the next support at 112.50. Resistance is at 113.20 followed by 113.50″. Next 1-3 weeks: “We just shifted from a bullish to neutral stance yesterday (09 Oct, spot at 113.10) and there is no change to the view. As highlighted, the current movement is viewed as the early stages of a correction phase and USD is expected to trade with a negative bias from here. However, it is premature to expect the start of a major bearish reversal and at this stage, we view any weakness as part of a 112.50/114.00 range. Looking further ahead, there is risk of deeper pullback to 112.00 but the odds for such a move are not high for now”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD clings to gains near 1-week tops, comfortable above 0.7100 handle FX Street 4 years In view of FX Strategists at UOB Group, the pair's outlook is now neutral and has moved into a correction phase. Key Quotes 24-hour view: "Expectation for USD to dip below 112.80 did not materialize as it traded sideways instead before ending the day on a soft note (NY close of 112.94, -0.26%). We continue to see chance for USD to dip below 112.80 but at this stage, do not anticipate a break of the next support at 112.50. Resistance is at 113.20 followed by 113.50". Next 1-3 weeks: "We just shifted from a bullish to neutral stance yesterday (09… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
