EUR/USD: the euro is reinforcing its bearish risks in the very short term (UOB)

UOB notes that the EUR/USD is strengthening its bearish momentum but should not break below 1.2205 today.

"The EUR/USD hit a low at 1.2279 during the night and closed the US session at 1.2282. The bearish momentum has strengthened considerably and the risk remains to the downside.

That being said, any decline today should not have enough strength to jeopardise the dip at 1.2205 recorded earlier in this month (1.2230 is already a relatively strong support level).

On the upside, any intraday rebound should remain below the peak at 1.2359 (minor resistance is at 1.2330)."