EUR/USD bullish, set sales for 1.1710 – UOB

In view of FX Strategists at UOB Group, the pair’s stance remains bullish and the door is open for a test of 1.1710 in the near term.

Key Quotes

“When we shifted to a bullish stance on Wednesday, we were of the view that the rally in EUR is ‘over-extended’ and expected the 2016 peak of 1.1615 to offer solid resistance”.

“With the help of ECB, EUR surmounted this level without much difficulty and the focus has shifted to the Aug 2015 high of 1.1710”.

“We suggested 1.1490 as an entry level yesterday and this level was met when EUR dipped to 1.1478. In view of the sharp and rapid rally, those who are long may like to exit half of their position at 1.1660. Stop-loss is adjusted higher from 1.1445 to 1.1550”.