EUR/USD: the euro's rebound may extend itself but will likely not be strong (UOB)

UOB believes that the EUR/USD rebound should remain limited today.

"The EUR/USD rebounded from a higher than expected level, finding support around 1.2258.

While the rebound may still extend to 1.2360, any increase will be considered as part of the 1.2280/1.2360 consolidation range, and not as the beginning of a bullish phase.

The next resistance level above 1.2360 comes at 1.2400, and it is strong enough to block any intraday hike attempt."