EUR/USD: UOB remains bearish, next target at 1.0640

UOB remains bearish on the EUR/USD on the Forex, after having touched its first target at 1.0710 yesterday; it now targets 1.0640.

"We recently returned to a bearish position on the EUR/USD, and our first target at 1.0710 was quickly hit with a dip at 1.0706. The fall seems to have been too fast and this might suggest a consolidation/correction phase of a few days at first. However, as long as we remain under 1.0870, a new bearish wave towards the next major support level at 1.0640 would not be surprising."