EUR/USD outlook turned bullish, targets 1.1200 – UOB

The FX research team at UOB Group has shifted their outlook on EUR/USD to bullish, noting that a test of 1.1145/1.1200 is now on the cards.

Key Quotes

“As highlighted in recent updates, the undertone for EUR is clearly positive and the ease of which the major 1.1095 resistance was taken out yesterday suggests that the current EUR strength could extend further in the coming days”.

“That said, shorter term indicators are already overbought and this could lead to a couple of days of consolidation first. From here, as long as 1.1000 is intact, further up-move towards 1.1145, 1.1200 seems likely”.