EUR/USD remains under pressure – UOB

In view of strategists at UOB Group, the perspective for EUR/USD remains on the bearish side in the near-term.

Key Quotes

“In line with expectation, EUR extended its decline but did not have enough momentum to reach the major 1.0640 support (low of 1.0663). Based on the current price action, EUR appears to be searching for a temporary base for a stronger recovery. That said, any up-move is expected to face stiff resistance 1.0755 followed by 1.0790”.

“In line with anticipation, EUR continues to move lower and touched 1.0663 yesterday. This level is just above the revised target indicated previously at 1.0640. While the bearish phase that started on Monday is still intact, shorter term indicators are over-extended and those who are short should look to take partial-profit at 1.0640/45 (next support at 1.0600)”.

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