EUR/USD still bullish, a test of 1.1430 remains unlikely – UOB

In view of the research team at UOB Group, EUR/USD’s outlook remains bullish although a visit of the 1.1430 area still appears unlikely in the near term.

Key Quotes

“While the outlook for EUR is still deemed as bullish, the prolonged consolidation below last Thursday’s peak of 1.1365 has resulted in further loss of upward momentum”.

“Unless there is a ‘clear and clean’ break above 1.1365 within these few days, the prospect for a move to the revised target of 1.1430 would continue to dim”.

“Stop-loss remains at 1.1240 for now even though a break below 1.1265/70 would be an early indication that a short-term top is in place”.