EUR/USD bullish, targets 1.1280 – UOB

The research team at UOB Group has shifted EUR/USD’s outlook to bullish from neutral and now expects a potential test of 1.1280.

Key Quotes

“Expectation for a deeper pull-back was wrong as EUR rallied strongly and took out the major 1.1150 resistance (high of 1.1197). The rally appears to have scope to extend higher but at this stage, a clear move beyond 1.1250 seems unlikely”.

“The expected recovery in EUR was more robust and resilient than expected. The ease of which the 1.1150 resistance was taken out suggests further upside pressure. At this stage, the potential appears to be limited to 1.1280”.