EUR/USD: UOB maintains its bullish opinion, limits target to 1.1245 for now

In a note published today, UOB reveal they have a short-term bullish view on the EUR/USD, but warn that the upside remains limited at the moment:

"As we said on Friday, we are now bullish on the EUR/USD, but we believe the upside potential is limited to 1.1245.

In our view, the current movement should be considered to be part of a short-term consolidation, which could eventually lead to a more substantial upward movement in a few days, where it will be time to revise our target to the upside."