EUR/USD bulls look to 1.1300 – UOB

According to the research team at UOB Group, a daily close above the 1.1300 handle could open the door for further gains.

Key Quotes

“While EUR broke above the strong 1.1295/00 resistance, it was unable to hold on to its gains. Despite the subsequent rapid drop from the high of 1.1326, the undertone is still positive and another attempt towards 1.1320/25 seems likely from here”.

“While EUR moved above 1.1300 yesterday and touched a high of 1.1326, the up-move was short-lived. As highlighted in recent updates, only a daily closing above 1.1300 would indicate that EUR has entered a bullish phase. That said, the undertone for this pair is still positive and as long as 1.1190 is not taken out in the next few days, the upward pressure would likely continue to increase”.