EUR/USD outlook shifted to bearish – UOB

According to the research team at UOB Group, EUR/USD’s perspective has shifted to bearish from neutral.

Key Quotes

“EUR rebounded without testing the major 1.0909 support (low of 1.0950). The current movement is likely a consolidation phase which should lead to further EUR weakness at a later stage”.

“We turned bearish EUR yesterday and there is no change to our view. The immediate target is for a move to the 1.0905/10 low seen on the day of Brexit. Stop-loss remains unchanged at 1.1040”.