EUR/USD stays neutral, still targets 1.0830 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group noted the pair’s outlook remain neutral while it still points to a test of 1.0830.

Key Quotes

“It took a while but EUR finally managed to move above 1.0800 and hit an overnight high of 1.0819. This level is just below the solid 1.0825/30 resistance and as indicated in recent updates, is unlikely to yield so easily”.

“That said, in view of the strong daily closing yesterday, a move above this level is not ruled out but shorter-term indicators are severely overbought and the odds for a move above last December high of 1.0870/75 are not high”.

“On the downside, support is at 1.0745 but only a move back below 1.0715 would indicate that the immediate upward pressure has eased”.

Sell 41%

Buy 59%

Avg Sell Price 1.0668

Avg Buy Price 1.0646

Liquidity Distribution

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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