EUR/USD: the rise of the euro is facing difficulty on the forex (UOB)

UOB is monitoring the EUR/USD's price action on the forex as the rise is weakening.

"The EUR/USD hit a new 3-week high at 1.1724 on Tuesday, before falling back and ending the session on a low note.

While we continue to see a chance for the EUR/USD to rise to the major resistance at 1.1790, the short-term momentum is in trouble and the pair has to go up and stay above 1.1700 within 1 to 2 days, otherwise the prospects for a continuation of the rise will rapidly decline.

On the downside, the key support level at 1.1605 remains unchanged, even though a break below 1.1640 would be a first indication that a short-term top is in place."