CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the High risk of losing your money.

EUR/USD seen tough resistance in the mid-1.1400s – UOB

2019-06-24 13:40

FX Strategists at UOB Group expect EUR/USD to face significant resistance in the 1.1450 area in the near term.

Key Quotes

24-hour view: “We woefully underestimated EUR strength as instead of “edging above 1.1320”, it blew past this level and rocketed to 1.1377. While overbought, the rally has scope to extend above 1.1400. For today, the next major resistance at 1.1450 is not expected to come into the picture. On the downside, 1.1320 is deemed as strong enough to hold any intraday pullback (minor support is at 1.1345)”.

Next 1-3 weeks: “While our expectation from last Friday (21 Jun, spot at 1.1290) that “EUR is likely to move into a ‘positive phase’ soon” was not wrong, the timeliness of the call could be ‘earlier’. EUR not only eclipsed several strong resistance levels with ease but also hit a 3-month high of 1.1377 before ending the week higher by a whopping 1.41% (NY close of 1.1366). The strong and impulsive rally suggests there is scope for the current ‘positive phase’ to extend further even though March’s peak near 1.1450 is expected to offer solid resistance. The ‘positive phase’ is deemed as intact until the 1.1275 ‘key support’ is taken out (level was a ‘strong support’ at 1.1220 last Friday)”.

This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.

Economic news

    Exchange Rates

    GBPUSD +0.73% 1.2993
    EURUSD +0.59% 1.17875
    XAUUSD +0.41% 1907.34
    XTIUSD +0.58% 41.358
    NAS100 -0.38% 11811.6
    US30 -0.22% 28534.9