EUR/USD: UOB is still targeting 1.1215, with a stop loss at 1.14

This morning, the UOB bank confirmed its short term bearish view for the EUR/USD pair, however, it considers that the bearish potential remains limited:

"We have become bearish on the EUR yesterday but we had emphasised from the outset that the potential downside could be limited to 1.1215.

The quiet trading last night resulted in a rapid loss of bearish momentum but greater weakness is expected once the short-term consolidation is complete.

We still advise sellers to place their stops around 1.14."