EUR/USD downside pressure alleviated above 1.1850 – UOB

FX Strategists at UOB Group argued EUR/USD should remain under downside pressure while below the mid-1.1800s.

Key Quotes

“While the pullback from the high of 1.2092 (early September) is clearly lacking in momentum, the weakness appears incomplete and there is room for further extension towards the major support at 1.1660. At this stage, a sustained move below this level is not expected”.

“Only a move back above 1.1850 would indicate that the current mild downward pressure has eased”.