EUR/USD neutral, in a 1.1190/1.1370 range – UOB

The research team at UOB Group has shifted its outlook to neutral from bullish in EUR/USD in the near term.

Key Quotes

“EUR rebounded quickly but did not threaten the strong resistance at 1.1310/15. Indicators are mostly flat and further range trading seems likely for today. Only a clear break out of the expected 1.1240/1.1315 range would lead to a more sustained directional move”.

“As highlighted yesterday, unless EUR can move and stay above 1.1310/15, the bullish outlook would shift to neutral. While further EUR strength would not be surprising further out, the current price action suggests that this pair has entered a consolidation phase and only a clear break out of the expected 1.1190/1.1370 sideway trading range would indicate the start of directional move”.