EUR/USD downside limited near 1.1140? – UOB

The research team at UOB Group expects the pair to drop further albeit the pullback could be limited around 1.1140.

Key Quotes

“We have held a neutral EUR view for close to 4 weeks and the break below the key 1.1325/30 support yesterday indicates that the neutral phase has ended”. 

“While further EUR weakness is expected from here, the downside potential appears to be limited to 1.1145”. 

“Resistance is 1.1350 but only a move above 1.1395 would indicate that our bearish expectation is wrong”.