United Overseas Bank made a forecast for EUR/USD concerning the movement of this pair for today and the beginning of the next week:
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"EUR/USD strong rally to a high of 1.1438/43 appears to be over-extended and further sustained up-move is unlikely."
"Retest of 1.1438/43 is possible but 1.1480 is expected to cap for a pull-back to 1.1340."
As we see from the chart above - the nearest resistance level for this pair is 1.1440 level located far above 200-SMA, and the key support level is Fibo level at 1.1213 located near 200-SMA on the reversal between the primary bearish and the primary bullish area of the chart. UOB is considering for the price to break 1.1440 resistance to be unlikely and they are expecting for the price to come back to 1.1340 level soon.
If the price breaks 1.1440 on close bar so 23.6% Fibo resistance at 1.1500 and Fibo resistance at 1.1713 will be next real bullish targets for example.
