EUR/USD bullish above 1.1250 – UOB

The outlook on EUR/USD is expected to turn too bullish above 1.1250, according to the research team at UOB Group.

Key Quotes

“EUR spiked to a high of 1.1221 last Friday but the up-move was quickly reversed. The rapid turnaround from the high has resulted in a mixed outlook and this pair is expected to trade sideways for now, likely within a range of 1.1130/1.1195”.

“While the key short-term support at 1.1100 is still intact, last Friday’s EUR strength was fleeting and the 1.1221 high did not threaten the top end of the expected sideway trading range of 1.1020/1.1250. From here, the undertone for EUR is viewed as positive but only a clear break above 1.1250 would indicate the start of a sustained up-move. 1.1100 continues to act as a strong near-term support”.