EUR/USD a break below 1.0600 stays on the radar – UOB

FX Strategists at UOB Group have not ruled out a break below the 1.0600 handle in the near term.

Key Quotes

“EUR eked out another fresh low of 1.0427 but this time round, the rebound and the subsequent daily closing was markedly weaker”.

“As indicated yesterday, despite waning downward momentum, another push lower could not be ruled out just yet”.

“From here, only a move back above 1.0700 would indicate that a short-term low in place. On the downside, the rising trend-line support has edged higher to 1.0600 (from 1.0595) and a ‘clean’ break of this level could lead to a rapid drop to 1.0525/30 (odds for such a move appears to be slightly less than even)”.