EUR/USD: the euro is becoming weaker but should not decline heavily on the forex today (UOB)

The EUR/USD is becoming increasingly vulnerable but should not fall sharply today according to UOB.

"The EUR/USD is re-declining since Friday's close and is testing the solid support level at 1.1740.

Bearish momentum has rapidly improved and a breakout at 1.1740 could cause a decline towards 1.1700.

At this point, a sustained move under this level seems unlikely (next support level is at 1.1665).

Resistance levels are at 1.1780 then 1.1820."