EUR/USD seen grinding lower – UOB

In view of the research team at UOB Group, EUR/USD’s bias remains tilted to the downside in the next 1-3 weeks.

Key Quotes

“EUR continues to recover and the breach of 1.1085 suggests that a temporary low is in place. The current movement is viewed as the early stages of a consolidation phase and sideway trading is expected for today, likely within a 1.1015/1.1135 range”.

“There is no change to the bearish EUR view; the current movement is viewed as a short-term consolidation phase which should lead to further EUR weakness towards 1.0820 in the coming days”.

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