EUR/USD neutral outlook near-term – UOB

Peter Chia, FX Strategist at UOB Group, has shifted pair’s outlook to neutral from bearish in the short term.

Key Quotes

“EUR/USD rallied the most in almost two months, by 0.8% to 1.0985”.

“We highlighted that the EUR/USD’s decline is stalling, thus we took partial profits of our EUR/USD shorts at 1.0900 on early Fri and the ensuring run-up took out our trailing stop for the remainder at 1.0960…”.

“Though EUR appears to have scope to extend further but at this stage, any up-move is unlikely to gather enough momentum to break above 1.1020. For now, we turn neutral from bearish for EUR/USD”.