EUR/USD leg lower could test 1.0530 – UOB

In view of FX Strategists at UOB Group, the pair’s decline could reach the 1.0530 area in the near term.

Key Quotes

“The target indicated at 1.0575 yesterday was not met as EUR only managed to touch a low of 1.0590. EUR closed on a weak note and this suggests increasing downward pressure and a move below 1.0575 could lead to a quick test of the next support at 1.0530”.

“EUR continues to grind lower and touched a ‘fresh low’ of 1.0590 yesterday. As highlighted yesterday, the current weakness appears to have scope to extend further towards 1.0530 with 1.0575 acting a strong intervening support. In order to maintain the short-term downward pressure, any rebound should not move back