EUR/USD test of 1.1430 appears unlikely – UOB

According to the research team at UOB Group, a test of the recent high near 1.1430 seems unlikely in the near term.

Key Quotes

“EUR traded sideways as expected albeit at a slightly lower range than anticipated. The rebound from the low has improved the undertone somewhat but at this stage, any up move is not expected to seriously threaten the 1.1365 high seen last week”.

“While the stop-loss for our bullish view is still intact at 1.1240, the recent price action is lackluster and the odds for extension to the 1.1430 high seen on the day of Brexit are not very high. EUR has to clear the recent 1.1365 peak in an ‘impulsive manner’ before a sustained up-move can be expected”.