EUR/USD bullish above 1.1445 – UOB

FX Strategists at UOB Group will shift their outlook on the pair to bullish from neutral on a close above 1.1445.

Key Quotes

“The sudden and sharp swing higher in EUR was unexpected. Upward momentum has improved considerably and the immediate bias is still on the upside. However, 1.1445/50 is a major level and is expected to offer solid resistance. That said, a break of this key resistance could lead to a rapid rise to 1.1490. Support is at 1.1400 but only a move back below 1.1370 would indicate that the current upward pressure has eased”.

“We just shifted from a bullish to neutral stance yesterday and the strong overnight rally comes as a surprise. From here, a NY closing above last week’s 1.1445 peak is enough to indicate that EUR has moved into a bullish phase again. A bullish scenario would not be surprising as long as EUR can hold above 1.1340 in the next few days”.