EUR/USD outlook now neutral, could test 1.1150 – UOB

Analysts at UOB Group have now shifted the pair’s outlook to neutral from bearish, allowing a potential test of 1.1150 in the next weeks.

Key Quotes

“Our recent bearish expectation was proven wrong quickly as EUR moved above the key 1.0950 resistance”.

“The outlook for this pair has shifted to neutral once again. However, the strong up-move yesterday has resulted in a positive undertone and the current rebound could extend higher to 1.1150”.

“This is a major resistance and at this stage, a sustained move above this level is not expected. Overall, EUR is expected to remain underpinned in the coming days with solid support at 1.1000 and 1.0960”.