EUR/USD bearish, still targeting 1.0640 – UOB

Strategists at UOB Group remain bearish on EUR/USD, which could visit the 1.0640 area in the next weeks.

Key Quotes

“EUR rebounded to a high of 1.0816 but the recovery was short-lived. The rapid pull-back from the high coupled with the weak daily closing has resulted in a weak undertone. A move below the 1.0705/10 low seen Monday would not be surprising but based on the current momentum, the next major support at 1.0640 is likely out of reach for now”.

“The immediate resistance at 1.0775 is likely strong enough to cap any intraday rebound but the stronger level is at the 1.0816 high seen yesterday”.

“There is no change to the bearish view for EUR as we continue to anticipate a move lower towards the next major level at 1.0640”.