Tech targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD – UOB

A look at the technical landscape
e.
EUR/USD: Shift from bullish to neutral: In a 1.1100/1.1250 rang
While the stop-loss for the bearish phase in EUR that started on 17 May is still intact at 1.1130, the weak NY closing last Friday is enough to indicate that the bearish phase has ended. This development is not surprising and we have warned last Friday that "it is getting increasingly likely that the bullish phase is nearing an end". The current movement is viewed as the start of a consolidation phase even though the immediate bias is for a probe lower towards the bottom of the expected 1.1100/1.1250 consolidation range. Looking further ahead, EUR has to move clearly above the recent high near 1.1265/70 to indicate the start of a fresh bullish phase.