EUR/USD: UOB advises those who remain short to take their profits near 1.08

In a note published this morning, UOB updates its short-term outlook for the EUR/USD after the sharp fall following the ECB meeting:

"The bear market that started last Friday with the ECB meeting remains intact and the bearish daily close yesterday suggests more downward pressure in the coming days.

That said, the downward trend is clearly oversold, especially on the short term charts, and we suggest that traders cash in their profits at 1.0810/15."