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11 Nov 2014
EUR/USD: Current consolidation can lead to 1.2355/60 levels - UOB
FXStreet (Barcelona) - Quek Ser Leang, Technical Analyst at UOB Group sees the current movement as a short-term consolidation phase which could last for a couple of days before going downward again.
Key Quotes
“EUR peeked above the 1.2500 resistance yesterday with a high 1.2507 before reversing quickly. However, downward momentum remains patchy and the current movement is likely a short-term consolidation phase which could last for another couple of days.”
“As long as 1.2560 is intact, the current sideway consolidation is expected to lead to a move towards 1.2355/60 where a break will target 1.2295 next.”
Key Quotes
“EUR peeked above the 1.2500 resistance yesterday with a high 1.2507 before reversing quickly. However, downward momentum remains patchy and the current movement is likely a short-term consolidation phase which could last for another couple of days.”
“As long as 1.2560 is intact, the current sideway consolidation is expected to lead to a move towards 1.2355/60 where a break will target 1.2295 next.”