EUR/USD: According to UOB, a continued decline to 1.1015, and even 1.0970 is possible following ECB meeting and break through major support levels

In a note released today, UOB notes that the break below 1.13, which occurred yesterday changes the outlook on the EUR/USD in favour of a decline.

"Price action has exceeded our expectations by easily breaking the strong supports levels at 1.1240 and 1.1085. It is still too early right now to expect a dip, but it seems that most of the downtrend is nevertheless behind us.

That being said, as long as the pair does not return above 1.12, a continuation of the bearish movement to 1.1015 and possibly 1.0970 can not be ruled out."