EUR/USD: UOB says chances of decline are diminishing, but the target of 1.1055 remains credible in the short term

In a note published today, UOB revealed its short-term outlook for the EUR/USD for today, Wednesday, 1 June 2016:

"The euro continues to evolve in a relatively calm way, which has led to a rapid loss of the bearish momentum. That said, we cannot exclude the possibility of a further decline to 1.1055, a threshold where sellers should consider taking partial profits.

We continue to advise a stop loss at 1.12, but a break above 1.1170-75 would already begin to suggest the end of the decline."