EUR/USD: major support at 1.0525/30 is likely out of reach, 1.0630 must be hit for a rally to resume (UOB)

UOB's technical analysis suggests that only a break above 1.0630 would indicate that a short-term trough is in place.

"The anticipated EUR/USD decline exceeded our expectations by braking on the main support level at 1.0595/1.0600 (low at 1.0570).

The low daily close is not a good sign for the EUR/USD, although major support at 1.0525/30 is probably out of range right now (minor support at 1.0550).

Resistance is at 1.0610, but only a break above 1.0630 would indicate that a short-term low is in place."