EUR/USD losing downside momentum – UOB

The research team at UOB Group noted EUR/USD’s downside traction has mitigated in response to the ongoing consolidation theme.

Key Quotes

“The 1.1030 target highlighted yesterday was not met as EUR rebounded quickly after touching a low of 1.1041. The rebound appears to have scope to extend higher but at this stage, a move above the major 1.1150 resistance seems unlikely”.

“While the outlook for EUR is still viewed as bearish with a stop-loss at 1.1185, time is running out for bears as the current prolonged consolidation has resulted in a rapid loss in downward momentum. This pair has to move and stay below 1.0995/00 in these two days or the outlook for EUR would shift to neutral. Support below 1.0995/00 is at 1.0909 and the ideal target at 1.0820 seems to be slipping away”.