EUR USD viewpoint still impartial
10/11/2016 12:56:56 PM
The research team at UOB Group stays impartial on EUR/USD, while a close below 1.1120 should move the stance to bearish in the next weeks
Rather than expanding higher as anticipated, EUR fell back quickly and closed on a weak note. The decline seems to have scope to retest the 1.1100 support but this is a strong level and may not yield so easily (next support at 1.1070).
As pointed out yesterday, in spite of the strong bounce post-nonfarm payrolls, the undertone for EUR is still negative. Based on the current price action, a daily closing below 1.1120 is enough to indicate the start of a bearish phase (for an immediate target of 1.1050). Generally, this pair is expected to stay under pressure unless it can move and stay above 1.1200 within the next few days.
Fundamental Analysis
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