EUR/USD could test 1.0750 short term – UOB

FX Strategists at UOB Group see the likeliness of EUR/USD to test the mid-1.0700s in the next weeks.

Key Quotes

“The short-term downward pressure has eased as EUR rebounded strongly and the major 1.0550 support was unthreatened”.

“The bias is tilted to the upside from here but any up-move is unlikely to have enough momentum to move beyond the major 1.0750 resistance”.

“In other words, the neutral phase that started on Monday (28/11) is still intact and we continue to expect trading to be confined to a 1.0550/1.0750 range for now”.