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3 Aug 2016
EUR/USD aims for a test of 1.1280 – UOB
A test of the 1.1280 area still remains on the cards in the next 1-3 weeks, according to the research team at UOB Group.
Key Quotes
“The price action so far is line with our expectation as EUR continues to move higher at a lackluster pace”.
“When we turned bullish on Monday, we were of the view that the upside potential is likely limited to 1.1280 (this level is still acting as a major resistance)”.
“That said, a ‘clean and clear’ break above this level could lead to acceleration higher as the next significant resistance is much further up at 1.1430/35, the high on the day of Brexit. In the meanwhile, the stop-loss for the bullish view is moved higher to 1.1130 from 1.1060 previously”.