EUR/USD: the prospects of an accelerating rally are not strong (UOB)

UOB believes that the EUR/USD has entered a consolidation phase.

"The EUR/USD peaked at 1.1790, before falling back down. The bullish momentum weakened with the pullback and the prospects of a clear break above 1.1790 are not strong.

Now, the EUR/USD has probably entered a consolidation phase and should move sideways."