EUR/USD scope for a visit to 1.1615 – UOB

FX Strategists at UOB Group have shifted their view to bullish on the pair, opening the door for a test of 1.1615 in the near term.

Key Quotes

“We just shifted to a bullish stance yesterday and there is no change to the view. However, the ‘deceleration’ (EUR registered an ‘inside day’ and closed lower yesterday) after the strong break above 1.1500 is not comforting for EUR bulls”.

“As highlighted, the rally is overextended and this pair has to continue to move higher quickly as a prolonged consolidation at these lofty levels would lead to a rapid loss in momentum. For now, those looking to enter long may like to wait for deeper pullback to 1.1490. Target and top-loss remain unchanged at 1.1615 and 1.1445 for now”.