EUR/USD turned to bullish, eyes on 1.10 – UOB

FX Strategists at UOB Group shifted their outlook on the pair to bullish from neutral, expecting a potential test of the 1.10 handle in the next weeks.

Key Quotes

“The sudden surge that easily took out the Monday’s peak of 1.0935 has shifted the outlook for EUR to bullish. The target is for a move towards the declining weekly trend-line which is currently just above 1.1000”.

“In order to maintain the impulsive momentum, any pull-back should not move back below 1.0830. On a shorter term note, 1.0870 is already a strong level. In view of the overbought conditions, ‘better buying level’ is nearer to 1.0900”.