EUR/USD diminished bets for a test of 1.1300 – UOB

In view of FX Strategists at UOB Group, a potential visit of the key barrier at 1.1300 keeps losing momentum.

Key Quotes

“There is not much to add as EUR traded in a relatively calm manner yesterday”.

“The recovery from the 1.1167 low yesterday is lacking in momentum and the odds for extension to 1.1300 are still not high”.

“That said, only a break below 1.1130 would indicate that the bullish phase that started last Wednesday, 17 May has ended”.

“We have suggested taking partial profit at 1.1170 last Friday and those who are still long should look to exit their position if there is another push towards 1.1300.