EUR/USD bearish, targets 1.0900 – UOB

Analysts at UOB Group see EUR/USD slipping lower to re-test the 1.0900 area in the next 1-3 weeks.

Key Quotes

“EUR popped to a high of 1.1029 but eased off quickly. The pull-back from the high is lacking in momentum and any decline from here is expected to encounter solid support near the recent low of 1.0950 (followed by the next major support at 1.0905/10)”.

“While there is no change to the bearish outlook for EUR, the current price action is clearly not inspiring for those who are bearish”.

“EUR really has to take out the recent low near 1.0950 soon or the current downward momentum would fizzle out quickly. Immediate target remains at 1.0905/10 and stop-loss is unchanged at 1.1040”.