EUR/USD: a consolidation phase seems likely today (UOB)

UOB believes that the EUR/USD should not go much higher today, as it will likely consolidate.

"Instead of just "testing" the resistance level at 1.2440, the EUR/USD has risen to over 1.2536. The rally, however, was short-lived, and the correction that followed may suggest that a temporary top is in place.

The rapid decline seems to be able to spread further, but any correction will be considered as part of a consolidation range at 1.2350/1.2460, and not as the beginning of a major bearish reversal."