EUR/USD could slip back to 1.1025 – UOB

The pair keeps the neutral bias in the near term and could attempt a visit to the 1.1025 area.

Key Quotes

“Yesterday, we were of the view that EUR is about to stage a deeper pullback towards the major support at 1.1025”.

“The subsequent rebound from a low of 1.1108 took out the strong 1.1190 resistance but eased off quickly from a high of 1.1205”.

“While downward momentum has clearly been dented, we still detect a weak undertone to the current price action and would continue to hold the same view unless EUR close above 1.1190 by end of today’s NY session”.

“All that said, any weakness in the coming days is viewed a corrective pullback and not the start of a major bearish reversal”.