EUR/USD still points to a test of 1.1065/70 – UOB

In view of the research team at UOB Group, EUR/USD could slip towards the 1.1065/70 band in the next 1-3 weeks.

Key Quotes

“While EUR moved below Tuesday’s 1.1128 low, it only managed to touch 1.1121 before recovering quickly. The recent downward pressure has eased and the tight trading range of less than 50 pips yesterday suggests that the current muted trading would persist”

“We turned bearish EUR yesterday and there is no change to the view. Downward momentum is not as impulsive as we would like but as long as the stop-loss at 1.1210 is not taken out, the prospect for a move to the immediate target of 1.1065/70 still appears to be quite high”.