EUR/USD neutral, between 1.1130-1.1385 – UOB

The research team at UOB Group has suggested EUR/USD’s outlook remains on the neutral side and between 1.1130 and 1.1385 for the time being.

Key Quotes

“After making a high of 1.1349, EUR dropped sharply to take out major short-term 1.1250 support (low of 1.1239). The weak daily closing suggests further downward pressure towards the next support near 1.1205/10”.

“The sharp drop in EUR yesterday that took out the 1.1250 support suggests that the prospect for the current neutral outlook to shift to bullish has all but vanished. The outlook from here is very mixed and we continue to hold a neutral stance and expect this pair to trade choppily within a broad 1.1130/1.1385 range”.