EUR/USD risks tilted to the downside – UOB

Analysts at UOB Group believe the pair could retreat further in the next 1-3 weeks.

Key Quotes

“The unexpected breach of 1.1350 and 1.1300 last Friday has shifted the risk to the downside”.

“While the outlook for EUR is bearish from here, the downside potential appears to be limited to a test of April’s low of 1.1210/15”.

“Downward momentum is only beginning to improve and a break back above 1.1400 is enough to indicate that a short-term low is in place”.