EUR/USD targets a move above 1.10 – UOB
|FX Strategists at UOB Group believes the pair could attempt a visit to levels above the key 1.10 barrier in the near term.
Key Quotes
“After the strong rally earlier in the week, the sharp pull-back yesterday that hit an overnight low of 1.0855 was unexpected. At this stage, the decline is viewed as part of a consolidation phase and not the start of a bearish reversal. The consolidation phase appears incomplete and EUR is expected to trade sideways for now, likely between 1.0860 and 1.0940”.
“We just turned bullish yesterday and there is no change to the view. Despite the rather sharp overnight pullback, momentum indicators still look bullish and we continue to anticipate a move above 1.1000”.
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