According to the research team at UOB Group, the pair’s bullish phase could be over.
Key Quotes
“The break below 1.1200 yesterday was not surprising and indicates that the bullish EUR phase that started on the 11 Mar has ended”.
“While further EUR strength is still expected further out, this is likely only after a period of consolidation”.
“In other words, the outlook for the next couple weeks is viewed as neutral and we expect this pair to trade within a broad 1.1120/1.1375 range”.
(Market News Provided by FXstreet)