EUR/USD a test of 1.0595 stays on the radar – UBO

FX Strategists at UOB Group still expect EUR/USD to re-visit the 1.0600 neighbourhood.

Key Quotes

“EUR edged below last Friday’s low to touch 1.0641 before rebounding weakly to close higher for the first time in 4 days”.

“As indicated yesterday, the immediate pressure is still on the downside towards the major 1.0595 support even though oversold short-term conditions suggest that this level is unlikely to come into the picture so soon”.

“On the upside, EUR has to reclaim 1.0740 to indicate that the immediate downward pressure has eased”.