EUR/USD bearish below 1.1160 – UOB

According to the research team at UOB Group, EUR/USD keeps its neutral stance although a break below 1.1160 could prompt a shift to a bearish outlook.

Key Quotes

“We shifted to a neutral stance last Friday and expected EUR to trade sideways within a 1.1190/1.1370 range”.

“EUR rose to a high of 1.1340 before dropping sharply to end near the low at 1.1195”.

“The short-term risk is clearly on the downside but we prefer to see a clear break of 1.1160 before shifting to a bearish stance. The odds for such a move appear to be quite high unless EUR can move and stay above 1.1240 within these 1 to 2 days”.