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9 Jan 2015
EUR/USD move towards 1.1640 likely - UOB Group
FXStreet (Barcelona) - The Market Strategy Team at UOB Group, believes that EUR/USD is far from seeing a bottom yet and can make a move towards the 1.1640 support in the next couple of weeks.
Key Quotes
"The overnight movement is in line with our expectation as the break of 1.1800 led to a fresh low of 1.1754 (just shy of the 1.1750 mentioned yesterday). There is still no indications that this pair is going to bottom soon and a move below 1.1750 could lead to a move towards the major long-term support at 1.1640 (low in 2005) likely within the next couple of weeks. Trailing-stop has moved lower to 1.1920 from 1.1970 yesterday."
Key Quotes
"The overnight movement is in line with our expectation as the break of 1.1800 led to a fresh low of 1.1754 (just shy of the 1.1750 mentioned yesterday). There is still no indications that this pair is going to bottom soon and a move below 1.1750 could lead to a move towards the major long-term support at 1.1640 (low in 2005) likely within the next couple of weeks. Trailing-stop has moved lower to 1.1920 from 1.1970 yesterday."