EUR/USD: the euro will likely continue to consolidate on the forex today (UOB)

The EUR/USD will likely further consolidate on the forex today, says UOB.

"The EUR/USD retreated yesterday below last week's trough before rebounding solidly.

While momentum suggests low risk of breaking below the major support at 1.1450, it is too early to anticipate a strengthening phase for the EUR/USD.

The EUR/USD is more likely to consolidate today. If the 1.1450 is broken through, the pair could quickly decline to the next support level at 1.1420."