EUR/USD points to a test of 1.1230 – UOB

In view of the research team at UOB Group, EUR/USD remains poised for a test of the 1.1230 area in the next 1-3 weeks.

Key Quotes

“The unexpected strong rebound in EUR appears to have to scope to extend higher but at this stage, a sustained move above 1.1230 appears unlikely”.

“The strong rebound yesterday has diminished the odds for further EUR weakness. However, confirmation of a short-term low is only upon a break back above 1.1230”.

“This appears to be a likely scenario unless EUR can move and stay below the recent low of 1.1125/30 within these 1 to 2 days”.