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Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
EUR/USD: Neutral: Only daily closing below 1.0775/80 would indicate start of bearish phase. As pointed out yesterday, we were not convinced the sharp drop last Friday is the start of a sustained down-move. The rapid recovery yesterday reinforces our current neutral view. EUR/USD rebounded strongly without testing the recent low of 1.0775/80 (low of 1.0812). The recovery appears to have scope to extend higher but at this stage, any further upmove is expected to struggle near 1.0940. Only a daily closing below 1.0775 would indicate the start of bearish phase. GBP/USD: Neutral: Rebound has scope to extend to 1.4565 ... (full story)