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22 May 2014
EUR/USD: Downward momentum fading - UOB
FXStreet (Bali) - The Market Strategy Team at UOB Group sounds more cautious on projecting lower levels in the EUR/USD this Thursday.
Key Quotes
"In line with expectations; the break below the strong support at 1.3675/80 led to a quick drop to an overnight low of 1.3635. The sharp rebound from the low has dented the downward momentum and a sustained down-move appears unlikely for today. Expect 1.3725 to cap any further recovery but any down-move will likely struggle to reach the overnight low at 1.3635."
Key Quotes
"In line with expectations; the break below the strong support at 1.3675/80 led to a quick drop to an overnight low of 1.3635. The sharp rebound from the low has dented the downward momentum and a sustained down-move appears unlikely for today. Expect 1.3725 to cap any further recovery but any down-move will likely struggle to reach the overnight low at 1.3635."