EUR/USD shifted to neutral from bearish

14 May, 2018

The pair’s stance has now shifted to neutral from bearish in the short term horizon, according FX Strategists at UOB Group. 24-hour view: “We expected a higher EUR last Friday but were of the view that “a clear break of the strong 1.1960 level seems unlikely”. EUR managed to crack this resistance to hit a high of 1.1968 before easing off. The undertone still appears to be positive and there is room for EUR to probe the next resistance at 1.1990. At this stage, a sustained move above this level is not expected. Support is at 1.1925 but the stronger level is at 1.1890”.

Next 1-3 weeks: “In last Friday’s update (11 May, spot at 1.1920), we highlighted “the diminished odds for further EUR weakness” and the subsequent break of the ‘stop-loss’ at 1.1960 confirms that the bearish phase that started earlier this month has ended. The outlook for EUR is deemed as neutral now and last week’s 1.1821 low is viewed as a short-term bottom. To look at it another way, the decline that started in mid-April from a high of 1.2413 has likely found a base at 1.1821 and from here, we believe EUR has moved into a consolidation/correction phase. That said, the immediate bias is tilted to the upside even though any advance is viewed as part of a 1.1850/1.2050 correction/consolidation phase and not the start of a bullish reversal”.


Source   Presented by HYCM
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