EUR/USD still targets 1.0820 – UOB

In opinion of the research team at UOB Group, EUR/USD is still expected to grind lower towards the 1.0820 area.

Key Quotes

“It has been two weeks since Brexit and EUR is still trading well within the 1.0909/1.1432 range registered on that day”.

“Despite overall bearish indications, this pair has not made much headway on the downside and time is not in the favor for those who are bearish”.

“That said, only a break of 1.1210 would indicate the start of stronger rebound (a breach of 1.1150 would be a pre-indication that a short-term low is forming). Ideal target is at 1.0820 but at this stage, we would be glad with a retest of the 1.0909 low”.