EUR/USD expected to resume the downside – UOB

The research team at UOB Group expects EUR/USD to resume its down move with the initial target at 1.0820 in the near term.

Key Quotes

“As expected, EUR traded mostly sideways but the strong daily closing suggests improving undertone and further upmove to 1.1170 would not be surprising (next resistance at 1.1210 is a key level)”.

“While the rebound from last Friday’s 1.0909 low has been more resilient than expected, there is no change to the bearish outlook for EUR. The current price action is viewed as a corrective rebound and as long as 1.0210 is not taken out, a move to 1.0820 cannot be ruled out just yet”.