EUR/USD a test of 1.0820 remains on the cards – UOB

In opinion of the research team at UOB Group, EUR/USD should not rule out a re-test of the 1.0820 area in the near term.

Key Quotes

“While EUR dropped to 1.0995/00 last Friday (lowest level seen this month), downward momentum is far from impulsive and it is doubtful that this pair would accelerate lower from here”.

“However, looking further ahead, a move to 1.0820 cannot be ruled out just yet as long as the stop-loss at 1.1185 is intact (adjusted lower from 1.1210)”.

“In the meanwhile, further short-term sideway trading above the recent 1.0909 low seems likely and only a clear break below this level would indicate that the next bearish leg lower has started”.