EUR/USD now targets 1.1200 – UOB

In light of the recent price action, the pair is now seen advancing towards the 1.1200 handle in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

“The target indicated at 1.1140/45 yesterday was exceeded as EUR hit a high of 1.1162 during late NY hours (high of 1.1170 after NY close). The strong trending move appears to have scope to extend further even though 1.1200 is a major resistance and may not yield so easily (next resistance at 1.1235)”.

“The shift to a bullish stance yesterday was timely as EUR continues to accelerate higher. As indicated, the strong rally has scope to extend further 1.1200. A break above this level would shift the focus to 1.1300. Stop-loss is adjusted higher to 1.1045 from 1.1000”.