EUR/USD low in place on a surpass of 1.1200 – UOB

Analysts at UOB Group suggested the possibility that a fresh low could be in place in case of a break above the 1.1200 handle.

Key Quotes

“EUR rebounded quickly after touching a fresh low of 1.1096. The recent downward pressure has clearly eased and the current movement is likely the start of a consolidation phase”.

“The short-term rebound was stronger than expected and has clearly diminished the odds for a move to our partial profittaking level of 1.1055. However, only a break above 1.1200 would indicate that a short-term low in place. In the meanwhile, those who are shorts should continue to look to take partial profit at 1.1050”.