EUR/USD: the downturn is a correction and isn't the beginning of a downward reversal at this time (UOB)

UOB believes that the EUR/USD could enter a consolidation phase on the forex.

"After the strong rally at the beginning of the week, the Wednesday's drop which hit a low at 1.0855 was unexpected. At this point, the decline is part of a consolidation phase and not the beginning of a downturn.

The consolidation phase seems incomplete and the EUR/USD could consolidate right now, probably between 1.0860 and 1.0940."