EUR/USD sticks to the bullish stance – UOB

FX Strategists at UOB Group noted a potential visit to the 1.1300 area appears to have lost some vigour in the near term.

Key Quotes

“EUR eked out a marginal new high of 1.1267 yesterday before easing off quickly. The price action is not surprising as we have held the view that that “while the outlook for this pair is still bullish, the odds for extension to 1.1300 are not high”.

“That said, only a break below 1.1130 would indicate that the bullish phase that started last Wednesday, 17 May has ended”.

“We have suggested taking partial profit at 1.1170 last Friday and those who are still long should look to exit their position if there is another push towards 1.1300”.