EUR/USD clings to the neutral stance – UOB

In view of FX Strategists at UOB Group, the pair’s keep the neutral outlook in the near term, although a move beyond 1.0935 could allow for a test of 1.1000.

Key Quotes

“EUR dipped below the 1.0820 support indicated yesterday (low of 1.0819) before rebounding quickly. While the outlook still appears constructive, a move above yesterday’s high of 1.0935 seems unlikely. However, a test of the minor resistance at 1.0905 would not be surprising”.

“We continue to hold the view that EUR is consolidating its gains (after spiking to a high of 1.0935 early yesterday) and is expected to trade sideways for now, likely holding between 1.0725 and 1.0935. Near-term bias is tilted to the upside but EUR has to move clearly above 1.0935 to indicate that a move towards 1.1000 has started”.