EUR/USD still neutral, looks for 1.1300 – UOB

A daily close above the 1.1300 handle should shift the pair’s outlook to bullish from neutral, suggested FX Strategists at UOB Group.

Key Quotes

“While the rapid drop in EUR took out the short-term key support at 1.1220, it rebounded quickly from a low of 1.1203”.

“The recent positive undertone has eased off but barring a clear break below 1.1200, there is still a slight upside bias”.

“However, as indicated in recent updates, only a NY closing above 1.1300 would indicate that EUR has moved into a bullish phase. Overall, it looks like ECB would determine the direction of the next sustained move from here”.