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Feb 11 - 11:00 AM

EUR/USD: A Breach Of 1.0877 To Target 1.0810; Resistance At 1.0950 - UOB

By eFXdata  —  Feb 11 - 10:02 AM

UOB Research discusses EUR/USD technical outlook and maintains a tactical bearish bias in the near-term.

"For now, our narrative from yesterday (10 Feb, spot at 1.0945) wherein “solid downward momentum suggests the 2019 low of 1.0877 is within reach” still stands," UOB 

"Looking forward, a breach of this major support at 1.0877 could potentially lead to further rapid decline as the next support of note is not until 1.0810. Resistance is at 1.0950 but only a move above 1.0980 (‘strong resistance’ level was at 1.1010 yesterday) would indicate the current weak phase has stabilized," UOB adds. 

Source:
UOB Research/Market Commentary

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