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28 Jan 2015
EUR/USD rebound seen as temporary – UOB Group
FXStreet (Edinburgh) - Analysts at UOB Group argued that the current bounce in EUR/USD would be corrective, instead of the start of a bullish trend.
Key Quotes
“While we held the view that a temporary low is in place, the sharp rally was unexpected”.
“Further up-move cannot be ruled out but the current EUR strength appears to be part of bigger corrective rebound and not the start of a mid-term bullish reversal”.
“Allow for a retest of the overnight high near 1.1420/25 but as long as 1.1460 is intact, this will likely lead to a pull-back to 1.1320”.
Key Quotes
“While we held the view that a temporary low is in place, the sharp rally was unexpected”.
“Further up-move cannot be ruled out but the current EUR strength appears to be part of bigger corrective rebound and not the start of a mid-term bullish reversal”.
“Allow for a retest of the overnight high near 1.1420/25 but as long as 1.1460 is intact, this will likely lead to a pull-back to 1.1320”.