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EUR in a recovery phase – UOB

FXStreet (Barcelona) - Analysts at UOB Group view EUR in a recovery phase and anticipate it could extend towards 1.2615 slowly.

Key Quotes

“There is no change to view that EUR is in a recovery phase that could extend towards 1.2615 and possibly 1.2735 in the coming weeks. However, being a corrective rebound, any up-move is likely going to be slow. The trailing-stop is still at 1.2400 for now.”

“While we are holding on to a bearish GBP view and expect another dip below the recent low near 1.5590/95 towards 1.5550, waning downward momentum coupled with oversold conditions suggests that a low could be near-by. However, confirmation of a low is only upon a break above the key resistant at 1.5735 (down sharply from 1.5820 previously).”

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