EUR/USD further weakness unlikely – UOB

In opinion of the research team at UOB Group, further pullbacks in EUR/USD appear unlikely in the next weeks.

Key Quotes

“EUR dipped to a low of 1.1119 before rebounding quickly to touch an overnight high of 1.1196. The up-move appears to have scope to retest the Tuesday’s high of 1.1210/15 but a significant break above this level seems unlikely”.

“EUR dipped to a low of 1.1119 yesterday but rebounded quickly. While the outlook is still deemed as bearish, the odds for further EUR weakness have diminished. From here, unless EUR can move and stay below 1.1120 within these 1 to 2 days, a break above the current stop-loss at 1.1240 would not be surprising”.