EUR/USD outlook now shifted to bullish – UOB
|FX Strategists at UOB Group have shifted their perspective to bullish from neutral on EUR/USD in the near term.
Key Quotes
“While we shifted to a bullish EUR stance on Wednesday, the rapid pace of advance despite overbought conditions comes as a surprise”.
“The price action is showing the characteristics of a ‘trending phase’ and from here, a break above the weekly trend-line resistance at 1.1475 could lead to further rapid rise towards the 2016 high of 1.1615”.
“The suggested buy level at 1.1290/95 was met on Tuesday and those who are long should raise the stop-loss to 1.1300, just above the entry level. On a shorter-term note, 1.1375 is already a strong support”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.