According to the research team at UOB Group, the EUR’s upside momentum could have lost some traction.
“EUR is holding on to its recent gains and at this stage, it is still unclear if it can move higher in a sustained manner in the days ahead”.
“A close above 1.1400 is not crucial anymore as short-term momentum has eased off considerably (but not enough to indicate that a short-term top is in place)”.
“Overall, we view the outlook for EUR as positive with solid support at 1.1330 with the 1.1495 October 2015 acting as a key resistance”.
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