EUR/USD bearish, targets 1.0640 – UOB

Strategists at UOB Group see EUR/USD grinding lower towards the 1.0640 area in the near term.

Key Quotes

“We just turned bearish EUR yesterday and the immediate target indicated at 1.0710 was quickly met with a low of 1.0706”.

“The decline appears to be too rapid and this could lead to a couple of days of correction/consolidation first”.

“However, as long as 1.0870 (adjusted from 1.0920) is not taken out, another leg lower towards the next major support at 1.0640 (weekly trend-line connecting the lows of 1.0455 and 1.0538) would not be surprising”.

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