EUR/USD focused on 1.1385 – UOB

The research team at UOB  Group suggested EUR/USD needs a close above 1.1385 in order to allow further gains near 1.1450.

Key Quotes

“Despite the smart rebound from the 1.1235/40 support, we view the up-move as part of a broader consolidation”.

“However, the current neutral outlook for EUR would shift to bullish if there is a daily closing above 1.1385 (with an immediate target of 1.1445)”.

“At this stage, it is unclear whether EUR can move above this level but on a shorter term note, the undertone appears to be positive with strong support at 1.1235/40”.