EUR/USD neutral, in a 1.1190/1.1370 range – UOB

Pablo Piovano FXStreet

The research team at UOB Group has shifted its outlook to neutral from bullish in EUR/USD in the near term.

Key Quotes

“EUR rebounded quickly but did not threaten the strong resistance at 1.1310/15. Indicators are mostly flat and further range trading seems likely for today. Only a clear break out of the expected 1.1240/1.1315 range would lead to a more sustained directional move”.

“As highlighted yesterday, unless EUR can move and stay above 1.1310/15, the bullish outlook would shift to neutral. While further EUR strength would not be surprising further out, the current price action suggests that this pair has entered a consolidation phase and only a clear break out of the expected 1.1190/1.1370 sideway trading range would indicate the start of directional move”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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