EUR/USD: UOB returns to bear positioning in short-term, aims for 1.0460

UOB returns to a short position on the EUR/USD on the forex and awaits a move towards 1.0455/60.

"After several days of lethargic trading, we observed in the EUR/USD chart that the pair should soon break through downward, otherwise the risk of a short-term trough would rapidly increase. The timing of the trough break in December 2015 at 1.0540 bodes well for our bearish view and from there, the next level to target is the 2015 trough at 1.0455/60 (observed in March). Overall, the bearish bias that started at the beginning of last week remains intact until 1.0650 is broken."

Also, please keep in mind that today might be extra slow on the markets as it's a US holiday: Thanksgiving!