EUR/USD further gains unlikely – UOB

The research team at UOB Group has suggested that a bullish attempt to 1.1430 has lost momentum of the time being.

Key Quotes

“Instead of extending higher, EUR traded mostly sideways last Friday and the recent build-up in momentum has fizzled out. The current movement is viewed as part of a consolidation phase and sideway trading is expected from here, likely within a 1.1275/1.1345 range”.

“While the stop-loss for the bullish view at 1.1240 is still intact, the weak closing last Friday indicates that the odds for a move to 1.1430 have diminished. Those who are long should look to book partial profit at current level of 1.1310. A move below 1.1240 would indicate that a short-term top is in place (and the start of deeper pull-back to 1.1190)”.