EUR/USD: Immediate pressure on the euro is pushing to the downside (UOB)

UOB notes that the immediate pressures on the EUR/USD are on the downside.

"The EUR/USD retreated to a low of 1.2252 before bouncing back. While the bearish momentum is not solid, the weak tone suggests that the immediate pressures remain to the downside.

That being said, any further decline should encounter solid support at 1.2235, followed closely by another solid threshold near 1.2200.

On the upside, only a move above 1.2315 would indicate that immediate bearish pressures have eased (minor resistance at 1.2295)."