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11 Dec 2014
EUR/USD might see a bullish reversal – UOB
FXStreet (Barcelona) - The UOB Group Team sees the probability of a bullish reversal for the EUR/USD pair on confirmation of the falling wedge formation.
Key Quotes
“Confirmation of falling wedge formation suggests bullish reversal with an immediate target of 1.2600.”
“We have highlighted the importance of the 1.2550/55 key resistance as a break above this level would confirm the falling wedge formation indicating a bullish reversal. The immediate target is at 1.2600. This is a key level (last month’s high and middle of the Envelope) and a break above could trigger a sustained EUR strength in the coming weeks. In the meanwhile, expect short-term pull-back to hold above 1.2360 but only a move below 1.2290 would indicate that the bullish expectation is wrong.”
Key Quotes
“Confirmation of falling wedge formation suggests bullish reversal with an immediate target of 1.2600.”
“We have highlighted the importance of the 1.2550/55 key resistance as a break above this level would confirm the falling wedge formation indicating a bullish reversal. The immediate target is at 1.2600. This is a key level (last month’s high and middle of the Envelope) and a break above could trigger a sustained EUR strength in the coming weeks. In the meanwhile, expect short-term pull-back to hold above 1.2360 but only a move below 1.2290 would indicate that the bullish expectation is wrong.”