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Tech Targets: EUR/USD, GBP/USD, USD/JPY - UOB
EUR/USD: Bullish: Target a move to 1.1240. EUR/USD punched through successive major resistances to touch a high of 1.1145, level not seen since October last year. The rally appears to be running ahead of itself and any extension higher is not expected to move significantly above 1.1240. That said, any down-move is expected to encounter strong support at 1.1050 and 1.1000 would be a tough level to break from here. GBP/USD: Neutral: Only daily closing above 1.4680 would indicate start of a bullish phase. The corrective rebound target indicated in recent updates at 1.4565 was exceeded with an overnight high of 1.4649. ... (full story)