EUR/USD bearish phase over? – UOB

In view of the research team at UOB Group, the recent bearish phase in the EUR/USD seems to have ended.

Key Quotes

“The sharp recovery in EUR was unexpected and a break above the major 1.1200 resistance would not be surprising (overnight high has been 1.1198). That said, upward momentum is not strong and any further EUR strength is likely limited to 1.1230”.

“The bearish phase in EUR that started slightly more than 2 weeks ago has ended. The outlook from here is deemed as neutral and we expect EUR to trade in a broad 1.1100/1.1270 range. On a shorter-term note, the current rebound from the recent low of 1.1095/00 appears to have scope to extend higher but at this stage, a sustained break above 1.1270 appears unlikely”.