EUR/USD downside gathering traction – UOB

The research team at UOB Group keeps its neutral view on EUR/USD for the next 1-3 weeks, although it could turn to bearish on a close below 1.0995.

Key Quotes

“EUR tested the 1.0995/00 support yesterday but failed to break through (low of 1.0998)”.

“Downward momentum has improved considerably and a daily closing below this key support would indicate that the outlook for EUR has shifted to bearish again (with an immediate target of 1.0905/10 followed by 1.0820)”.

“Overall, EUR is expected to remain under pressure from here unless it can move back above 1.1120 within the next 1 to 2 days”.