EUR/USD further gains lies above 1.10 – UOB

In opinion of FX Strategists at UOB Group, a breakout of the 1.1000 handle could lead to further gains in the near term.

Key Quotes

“EUR has tested our patience but finally started to move to hit an overnight high of 1.0987”.

“While the 1.1000 target that was first indicated last Wednesday is not met, the strong surge higher yesterday bodes well for our bullish view. 1.1000 is declining weekly trend-line resistance and a break of this level could lead to acceleration higher especially when there are hardly any significant resistances until 1.1300”.

“We continue to hold a bullish view but would adjust the stop-loss to 1.0900 from 1.0850”.