EUR/USD: Range Trading For Now, GBP/USD: Severely Oversold – UOB

EUR/USD traded mostly sideways yesterday and closed almost unchanged. Further range trading is expected but improving downward momentum suggests a bias for a deeper downside probe.

EUR/USD has to break clearly below 1.0750 to indicate the start of a fresh down-leg. In the meanwhile, we prefer to hold a neutral view.

GBP/USD continues its recent decline by easily breaking below the strong 1.4480 support resulting in a sharp drop to a low of 1.4352.

While the down-move is severely oversold, the next significant support is further down at the May 2010 low of 1.4228.

Overall, only a move back above 1.4570 would indicate that a short-term low is in place.

https://www.efxnews.com/story/31614/eurusd-range-trading-now-gbpusd-severely-oversold-uob

Related posts

Leave a Comment

Time limit is exhausted. Please reload CAPTCHA.