EUR/USD a test of 1.1430 loses traction – UOB

Analysts at UOB Group noted the bullish outlook on EUR/USD although a bull run to the 1.1430 area has lost momentum for the time being.

Key Quotes

“The bullish phase in EUR that started last Wednesday appears to be close to ending”.

“The overnight low of 1.1242 was just a couple of pips above the stop-loss at 1.1240”.

“The price action is not surprising as we have highlighted the decreasing odds for further EUR strength in the past few updates”.

“From here, unless EUR can move and stay above 1.1310/15 by end of today, the outlook for the next few weeks is expected to shift to neutral (for a period of sideway consolidation)”.