EUR/USD: the euro has potentially hit a short-term low (UOB)

UOB believes that the EUR/USD recorded a short-term low on Tuesday.

"The EUR/USD fell back to 1.2313 before rebounding strongly. Downside pressures have eased and the EUR/USD likely hit a short-term low at 1.2313.

The rebound may now extend higher, but a clear break above Tuesday's high at 1.2435 seems unlikely (next resistance level is at 1.2475).

On the downside, support is at 1.2340, followed by the low near 1.2315 (there is another solid support level at 1.2300)."