EUR/USD: the euro's decline should slow down today (UOB)

UOB believes that the EUR/USD will slow down on the forex today.

"The EUR/USD hit a new multi-year high at 1.2555, but fell back heavily and quickly to close near the lows at 1.2402 (trough at 1.2392).

The decline seems to be able to continue below 1.2392, but any drop should not be sustained (next support level is at 1.2360).

On the upside, the resistance level is at 1.2450 but only a move above 1.2485 would indicate that bearish pressures are easing."