EUR/USD downside appears limited – UOB

In view of analysts at UOB Group, the downside momentum in EUR/USD could slower its pace in the short-term.

Key Quotes

“While the break below 1.1230 bodes well for our bearish EUR view, the downward momentum is not as impulsive as we would like and this coupled with the strong support at 1.1145 suggests that EUR may struggle to move below this level”.

“As such, those who are short may like to take partial profit at this level. Stop-loss is adjusted lower to 1.1320 from 1.1395 previously”.