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4 May 2016
EUR/USD: top in place? – UOB
Following yesterday’s upside in the pair, analysts at UOB Group believe a short-term top could be in place.
Key Quotes
“While the 1.1600 target indicated yesterday was exceeded with a high of 1.1614, the sharp and rapid drop from the top suggests increasing risk of a short-term top”.
“That said, confirmation of a top is only upon a move below the stop-loss at 1.1400”.
“In the meanwhile, EUR is expected to trade sideways but it has to move and stay above 1.1550 within these few days as prolonged consolidation would lead to a rapid loss in momentum”.
Key Quotes
“While the 1.1600 target indicated yesterday was exceeded with a high of 1.1614, the sharp and rapid drop from the top suggests increasing risk of a short-term top”.
“That said, confirmation of a top is only upon a move below the stop-loss at 1.1400”.
“In the meanwhile, EUR is expected to trade sideways but it has to move and stay above 1.1550 within these few days as prolonged consolidation would lead to a rapid loss in momentum”.