EUR/USD looks for a close above 1.1365 – UOB

According to the research team at UOB Group, EUR/USD needs to close above 1.1365 to shift to a bullish outlook.

Key Quotes

“EUR moved above the strong 1.1365/70 resistance but the rally was short-lived as it dropped rapidly after making a high of 1.1382. The undertone is still positive but 1.1380/85 is acting as a strong resistance and this level would not be easy to overcome for now”.

“EUR moved above the strong 1.1365 resistance but failed to hold on to its gains. As highlighted yesterday, USD has to close above this level to indicate the start of a bullish phase. The odds for such a move still appear to be quite high as long as 1.1250 is intact”.