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Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
EUR/USD: Neutral: In a 1.0500/1.0680 range. We noted yesterday that “the rapid pull-back has resulted in a slight negative undertone” and the relatively weak daily closing suggests that the downward pressure has increased further. That said, 1.0500 is a rather strong support and only a ‘sharp and rapid’ break below this level would indicate that EUR has entered a bearish phase. From here, the downward pressure would continue to build unless EUR can reclaim 1.0630. On a shorter-term note, 1.0590 is already a very strong resistance. GBP/USD: Shift from neutral to bearish: Expect further weakness to 1.2200. ... (full story)
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