6 May 2016
EUR/USD outlook shifted to neutral – UOB
According to analysts at UOB Group, the pair’s stance has now shifted to neutral from bullish.
Key Quotes
“We highlighted the rapid loss of momentum in recent updates and the break below 1.1400 was not exactly surprising”.
“The recent high of 1.1614 is the extent of the bullish phase and the outlook has shifted to neutral from here”.
“That said, the pull-back from the top appears to have scope to extend lower to 1.1300 but at this stage, a sustained move below this level is not expected. Overall, this pair is expected to remain under pressure unless it can reclaim 1.1495”.
Key Quotes
“We highlighted the rapid loss of momentum in recent updates and the break below 1.1400 was not exactly surprising”.
“The recent high of 1.1614 is the extent of the bullish phase and the outlook has shifted to neutral from here”.
“That said, the pull-back from the top appears to have scope to extend lower to 1.1300 but at this stage, a sustained move below this level is not expected. Overall, this pair is expected to remain under pressure unless it can reclaim 1.1495”.