EUR/USD bullish above 1.1300 – UOB

According to FX Strategists at UOB Group, the pair needs a close above the 1.1300 handle to turn bullish.

Key Quotes

“EUR surged to hit a high of 1.1285 last Friday before closing on a rather strong note at 1.1279. The strong rally appears to have room to extend above 1.1300 but 1.1330 is another strong level and is expected to offer solid resistance. Support is at 1.1245 but the stronger level is closer to 1.1210”.

“EUR closed at 1.1280 in NY last Friday, below the key level of 1.1300. We have held the same view that only a NY closing above 1.1300 would indicate that this pair has moved into a bullish phase again. This scenario still seems likely as long as the key support at 1.1210 is intact. A shift to a bullish stance would have an immediate target of 1.1365 (followed by 1.1430)”.