EUR/USD a test of 1.13 losses traction – UOB

In opinion of FX Strategists at UOB Group, a potential test of the 1.1300 handle lost momentum in the near term.

Key Quotes

“The 1.1200 target that was first indicated last Wednesday 17 May was exceeded as EUR staged a surprisingly strong push higher last Friday to touch a high of 1.1211”.

“Technically, the next target is at 1.1300, the high in November last year but the current rally appears to be running ahead of itself and the odds for such a move are not high”.

“Minor resistance is at 1.1240. We have suggested taking partial profit at 1.1170 last Friday and those who are still holding long position should adjust their stop-loss to 1.1095 (from 1.1045)”.