EUR/USD next target appears at 1.0710 – UOB

Strategists at UOB Group have assessed the prospects for EUR/USD in light of the recent increased weakness.

Key Quotes

“We anticipated 1.0820/1.0845 to act as a major support and expected this level to at least temporary check the recent decline in EUR. However, the ease of which these levels are taken out coupled with daily MACD crossing back into negative territory suggest that the outlook for EUR has shifted to bearish”.

“The immediate target is at 1.0710, below this level, the next significant support is closer to 1.0640 followed by the 2015 low of 1.0535/40. In order to maintain the current momentum, any rebound should not move back above 1.0920”.