EUR/USD: the euro could still decline on the forex (UOB)

UOB believes that the EUR/USD may still slightly decline on the forex.

"Tuesday's decline of the EUR/USD tested support at 1.2320 (bottom at 1.2318) before a slight rebound.

From these levels, we can still move back, but a sustained move under 1.2275 seems unlikely (1.2300 is already a strong support level).

Overall, only a move above 1.2400 would indicate that the current decline has stabilised (minor resistance at 1.2365)."