EUR/USD: UOB says immediate bearish biais will be cancelled above 1.1230, and confirmed below 1.1130

UOB persists with its short-term bearish view on the EUR/USD this Friday 27 May, but admits that the chances of a decrease are diminishing after two days of rebound:

"The strong rebound yesterday reduced the odds of a EUR/USD decline in our view. However, it is only in the event of a break above 1.1230 that we may consider that the downside scenarios are no longer relevant.

If the EUR/USD manages to quickly go below 1.1125/30, and close below this threshold, the downward momentum will be confirmed for next week."