EUR/USD bullish above 1.1300 – UOB

The pair’s stance should shift to bullish from neutral on a daily close above the 1.1300 handle, suggested FX Strategists at UOB Group.

Key Quotes

“Our recent expectation for a deeper pull-back to 1.1025 was proven wrong as EUR easily surmounted the strong 1.1190 resistance yesterday”.

“While the outlook remains neutral for now, the strong up-move over the past 2 days has improved the undertone considerably”.

“That said, EUR has to register a NY close above 1.1300 to indicate it has re-entered a bullish phase. This scenario would not be surprising as long as the key short-term support at 1.1160 is intact”.