EUR/USD retakes the bearish stance, eyes on 1.1065/70 – UOB

The research team at UOB Group sees EUR/USD heading towards the 1.1065/70 band in the next weeks.

Key Quotes

“The down-move in EUR is more resilient than expected by easily taking out Monday’s low of 1.1156 (overnight low of 1.1128). The weak daily closing suggests further downward pressure but at this stage, any further weakness is likely limited to 1.1100”.

“The clear break below 1.1160 finally shifted the outlook for EUR to bearish. From here, we have an immediate objective of 1.1065/70. In order to maintain the current momentum, any short-term rebound should not move back above 1.1210”.