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7 Mar 2014
Flash: Another strong surge in EUR/USD brewing - UOB
FXStreet (Bali) - According to the Market Strategy Team at UOB Group, EUR/USD is well positioned for another strong surge should 1.3865/95 hurdle be cleared.
Key Quotes
"In line with expectations, the strong support at 1.3700 held as EUR surged to a high of 1.3873 on the back of Draghi’s comments. The current rally is entering very strong mid-term resistant zone at 1.3865/95 and a clear break above this level could lead to another strong surge higher. Only a move below the recent peak at 1.3825 will suggest a temporary short-term top is in place."
Key Quotes
"In line with expectations, the strong support at 1.3700 held as EUR surged to a high of 1.3873 on the back of Draghi’s comments. The current rally is entering very strong mid-term resistant zone at 1.3865/95 and a clear break above this level could lead to another strong surge higher. Only a move below the recent peak at 1.3825 will suggest a temporary short-term top is in place."