EUR/USD: UOB shifts from bullish to neutral after recent correction and expects pursued decline to 1.13

This morning, BTMU posted its short-term forecasts and targets for the EUR/USD:

"The pullback achieved by the EUR/USD since its last summit has the potential to continue down to 1.13. We have highlighted the rapid loss of bullish momentum in our latest updates, and the break at 1.14 did not really surprise us.

So we have decided to switch from a bullish bias to a neutral one.

That being said, although it is possible that the currency pair will correct itself down to 1.13, a sustained fall below this threshold is much less likely, and a rebound should then be expected.

But in the end, the EUR/USD will remain under pressure as long as it fails to climb back up to 1.1495."