9 Dec 2014
EUR immediate pressure to the downside – UOB
FXStreet (Barcelona) - The UOB Group Research Team sees immediate downside pressure for the EUR/USD pair, anticipating a move towards 1.2050 on a break below 1.2230 levels.
Key Quotes
“EUR edged lower with a fresh low of 1.2245 before rebounding. As indicated in previous updates, the key level to watch is at 1.2230 as a break below this level would invalidate the falling wedge formation and could lead to a quick move towards 1.2150 followed by 1.2050. For now, the immediate pressure is on the downside and only a break above 1.2455 would indicate a bullish reversal.”
Key Quotes
“EUR edged lower with a fresh low of 1.2245 before rebounding. As indicated in previous updates, the key level to watch is at 1.2230 as a break below this level would invalidate the falling wedge formation and could lead to a quick move towards 1.2150 followed by 1.2050. For now, the immediate pressure is on the downside and only a break above 1.2455 would indicate a bullish reversal.”