EUR/USD keeps the neutral stance – UOB

Strategists at UOB Group have noted the neutral outlook on EUR/USD, while said there is room for a test of 1.1040 in the near term.

Key Quotes

“EUR dipped to a low of 1.0934 before rebounding to end the day largely unchanged. Flattish indicators suggest further range trading even though a clear break above the strong 1.1000 resistance could lead to a quick pop towards 1.1020”.

“The current movement is viewed as corrective rebound which has scope to extend further to 1.1040. At this stage, a sustained move above this level seems unlikely. That said, the undertone stays positive unless there is a move below the strong 1.0890 support”.