EUR/USD: UOB believes EUR decline can extend itself to intraday trading

UOB believes that the EUR/USD decline can still extend itself across the forex.

"Although we were expecting a EUR/USD top, the strength of the reversal was unexpected. While it is oversold, the current decline of the EUR/USD seems like it could extend to 1.0780 (next support level at 1.0760). The resistance level is at 1.0840 and yesterday's high at 1.0870/75 is probably strong enough to limit any intraday bounce."