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11 Mar 2015
EUR/USD focus shifts to 1.0630 – UOB
FXStreet (Barcelona) - With EUR continuing its decline, Analysts at UOB Group, view that the focus for the pair has now shifted to supports at 1.0630 and then 1.0530.
Key Quotes
“While we remain a steadfast EUR bear, the pace of the decline yesterday was more rapid than expected. The target at 1.0740 was easily met and the focus now is on the next support at 1.0630 followed by 1.0530.”
“Based on the current strong downward momentum, these levels will likely be met sooner than later.”
“In view of the sharp drop yesterday, the trailing-stop has moved lower quickly to 1.0900 from 1.1030 but we suspect 1.0795 is strong enough to cap any short-term recovery.”
Key Quotes
“While we remain a steadfast EUR bear, the pace of the decline yesterday was more rapid than expected. The target at 1.0740 was easily met and the focus now is on the next support at 1.0630 followed by 1.0530.”
“Based on the current strong downward momentum, these levels will likely be met sooner than later.”
“In view of the sharp drop yesterday, the trailing-stop has moved lower quickly to 1.0900 from 1.1030 but we suspect 1.0795 is strong enough to cap any short-term recovery.”