FX Strategists at UOB Group stay bullish on EUR/USD, adding that there is still scope for a test of 1.12 in the next weeks.
“While the ‘bearish outside day’ registered yesterday does not bode well for our current bullish view, the price action is deemed as part of a short-term consolidation phase and not the start of a reversal”.
“That said, upward momentum has clearly been dented and it may take a few days before we see the next push higher to 1.1200”.
“On the downside, an unexpected break below the stop-loss at 1.1045 would indicate the start of a deeper pullback (likely to below 1.1000). In the meanwhile, those who are long may likely to consider reducing their position on any move to 1.1170”.
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 securities. 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 Forex 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.