EUR/USD: the euro could decline on the forex but without a major reversal in sight (UOB)

The EUR/USD could still correct itself in a downward direction, but will remain in a consolidation phase.

"The EUR/USD has moved in a higher than expected range, but price action is still considered as being part of an ongoing consolidation phase. That being said, there is room for a deeper correction, but any decline will be in the 1.2360/1.2460 range, and not a major reversal."