EUR/USD stays neutral, still targets 1.0830 – UOB

FX Strategists at UOB Group noted the pair’s outlook remain neutral while it still points to a test of 1.0830.

Key Quotes

“It took a while but EUR finally managed to move above 1.0800 and hit an overnight high of 1.0819. This level is just below the solid 1.0825/30 resistance and as indicated in recent updates, is unlikely to yield so easily”.

“That said, in view of the strong daily closing yesterday, a move above this level is not ruled out but shorter-term indicators are severely overbought and the odds for a move above last December high of 1.0870/75 are not high”.

“On the downside, support is at 1.0745 but only a move back below 1.0715 would indicate that the immediate upward pressure has eased”.