EUR/USD stance shifted to neutral – UOB

The perspective for EUR/USD has now shifted to neutral from bearish, suggested strategists at UOB Group.

Key Quotes

“EUR edged below the major 1.1010 support with a low of 1.1005. The downward pressure remains intact and further weakness towards 1.0980 seems likely (next significant support at 1.0935). On the upside, resistances are at 1.1065, 1.1100 followed by the major level of 1.1145 (near last week’s peak)”.

“The break back below 1.1010 yesterday indicates that the recent high of 1.1143 is the extent of the bullish phase (just missing the immediate target of 1.1145). The outlook for EUR from here is viewed as neutral and we expect this pair to trade in a broad 1.0935/1.1145 range for now”.

To learn more about this topic, check our video analysis: