EUR/USD bullish above 1.1445 – UOB

In view of FX Strategists at UOB Group, the pair’s outlook should shift to bullish on a close above 1.1445 in the near term.

Key Quotes

“We indicated last Friday that "while the immediate bias is on the upside, 1.1445/50 is expected to offer solid resistance". EUR touched a high of 1.1439 before easing off quickly. From here, 1.1445/50 is expected to stay unchallenged but any weakness is viewed as part of a broader 1.1365/1.1435 consolidation range instead of the start of a sustained pullback”.

“EUR closed lower last Friday and the key resistance at 1.1445 was unthreatened. As indicated in recent updates, only a NY closing above this level would shift the current neutral outlook for EUR to bullish again. This scenario still appears likely as long as EUR can hold above 1.1340 within these few days”.