EUR/USD: UOB says recent decline is not start of a major drop, and that euro remains in a range

In a note published this morning, UOB notes that the euro has remained under resistance levels located at 1.1395/1.14, falling close to the psychological threshold and major support at 1.13.

"The downward movement is analysed as being part of a wide range, and is not the beginning of a major decline.

In other words, there is no change to our neutral view, and we continue to believe that the pair remains within the 1.13 to 1.15 range for now."