EUR/USD keeps the consolidative theme – UOB

According to the research team at UOB Group, the expected consolidation in EUR/USD is taking longer than initially estimated.

Key Quotes

“The current short-term consolidation/correction phase is taking longer than expected as EUR continues to hold above the 1.1095/00 support”.

“Downward momentum is beginning to show signs of slowing but as long as 1.1210 is intact, we are not giving up on our bearish view just yet”.

“That said, the prospect for a sustained down-move has clearly dimmed and EUR has to move and stay below 1.1095 within these couple of days or the risk of an interim low would continue to increase”.