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29 Jan 2016
EUR/USD: a test of 1.0985 remains on the cards – UOB
FXStreet (Edinburgh) - The research team at UOB Group is not ruling out a test of the 1.0985 level in the next weeks.
Key Quotes
“We shifted to a neutral stance yesterday but expect the short-term EUR strength to carry it higher to test the month-to-date high of 1.0985”.
“At this stage, a move above this level appears unlikely. That said, EUR is expected to remain underpinned in the next few days with solid support at 1.0860 followed by 1.0815”.
“Based on the current momentum outlook, even a break above 1.0985 is not expected to lead to a rapid run-up in EUR. The next significant resistance is at December’s high of 1.1055/60”.
Key Quotes
“We shifted to a neutral stance yesterday but expect the short-term EUR strength to carry it higher to test the month-to-date high of 1.0985”.
“At this stage, a move above this level appears unlikely. That said, EUR is expected to remain underpinned in the next few days with solid support at 1.0860 followed by 1.0815”.
“Based on the current momentum outlook, even a break above 1.0985 is not expected to lead to a rapid run-up in EUR. The next significant resistance is at December’s high of 1.1055/60”.