EUR/USD: Bearish momentum remains in place (Maybank)

MayBank believes that a political surprise could cause a further decline of the euro:

"Germany's Schaeuble said he expects the IMF to participate in a new Greek program, while Dijsselbloem, head of the European Union, said that Greece had "no urgent need for money". In France, at the National Front camp, Marine Le Pen's headquarters was visited by investigators as part of a French inquiry into whether the party used European Parliament money to pay for tasks related to domestic policy.

The spread between French and German rates widened again during the night. We continue to be cautious about the complacency of the market, as a political surprise could lead to a fall of the euro.

The slight downtrend on the daily chart remains intact, but technical indicators indicate that the momentum may slow down."