The research team at UOB Group has now turned its attention to a potential break below the 1.1200 key support.
Key Quotes
“While the price action after last Thursday’s peak of 1.1340/45 is viewed as a short-term consolidation phase, the recent build-up in upward momentum has fizzled out quickly”.
“Unless EUR can reclaim 1.1305 in the next 1 to 2 days, the risk of a break below the 1.1200 stop-loss will increase quickly”.
“To put it another way, a break below 1.1200 would indicate that the bullish EUR phase that started on 11 Mar has topped out at 1.1340/45 (the major 1.1375 resistance was not threatened)”.
(Market News Provided by FXstreet)