UOB Research discusses EUR/USD technical outlook and adopts a neutral bias in the near-term.
"We indicated on Wednesday (11 Mar, spot 1.1300) that “upward momentum has been dented” and added, “a break of 1.1230 would indicate that the rally that started in February has run its course”. EUR cracked 1.1230 yesterday (12 Mar), plummeted to 1.1054 before snapping back up. The wild swings resulted in a huge 1-day range of 279 pips, the largest since June 2018," UOB notes.
"Overall, Monday’s top of 1.1496 is viewed a short-term top and from here, EUR could trade in a choppy manner and within a broad 1.0980/1.1380," UOB adds.