UBS sees EUR/USD long opportunity on central bank dynamics
UBS maintains a long position on EUR/USD at present rates near 1.1475, aiming for a $1.17 target with a stop-loss at 1.13. The recommendation, announced in mid-July, was based on central bank dynamics. After hitting the target, UBS adjusted its target to $1.20 and lowered the stop-loss to 1.15, but closed out the position when EUR/USD hit the revised stop-loss this week.
UBS now views the trade as favorable again at current levels, citing the same target and stop-loss as initially proposed. The renewed bullish outlook is rooted in central bank dynamics and the current price levels of the EUR/USD pair.
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