EUR/USD keeps its bearish stance intact – UOB

Strategists at UOB Group remain bearish on EUR/USD  in the next 1-3 weeks.

Key Quotes

“EUR extended its decline as expected but the major level of 1.0538 (last December's low) was not challenged (low of 1.0567). While downward momentum is not that strong, another attempt to move towards 1.0535/40 seems likely even though a sustained below this level is not expected”.

“There is not much to add to the update last Friday. The next supports are at 1.0538 and 1.0456. Overall, only a move above the stop-loss at 1.0720 (adjusted from 1.0755) would indicate that the current bearish phase has ended”.

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