EUR/USD: UOB believes decline should intensify, short-term target at 1.0710

In a note published this morning, UOB gave its short-term outlook for the EUR/USD for Monday, January 25, 2016:

"The EUR/USD maintained itself under the resistance at 1.0920 (peak is at 1.0876) but the downward trend has not succeeded in bringing the pair below support at 1.0777. The downward momentum is improving rapidly and the current weakness should extend itself.

That being said, the downward trend is not impulsive, and our target remains modest at 1.0710.

Only a return above 1.0840 would indicate that the immediate downside pressure is diminishing."