EUR/USD decline limited around 1.1140 – UOB

The down move in EUR/USD could struggle to break below the 1.1140 area, suggested analysts at UOB Group.

Key Quotes

“As highlighted yesterday, extension lower to 1.1140/45 would not be surprising but a clear and sharp drop below this level is not expected (momentum indicators are lackluster at best)”.

“Overall, the bearish phase that started earlier this week is intact unless there is a break above 1.1320 (1.1295 is already a strong short-term level)”.