EUR/USD sidelined near term, still targets 1.0820 – UOB

The research team at UOB Group keeps its bearish view on EUR/USD for the next 1-3 weeks.

Key Quotes

“EUR edged above the strong 1.1115/20 resistance (high of 1.1125) before easing off quickly. The decline from the top appears incomplete and extension lower to 1.1030 seems likely”.

“While the outlook for EUR is still viewed as bearish with a stop-loss at 1.1185, time is running out for bears as the current prolonged consolidation has resulted in a rapid loss in downward momentum. This pair has to move and stay below 1.0995/00 in these two days or the outlook for EUR would shift to neutral. Support below 1.0995/00 is at 1.0909 and the ideal target at 1.0820 seems to be slipping away”.