EUR/USD: the euro has probably finished its bearish phase on the forex (UOB)

UOB believes that the EUR/USD has finished its bearish phase and will likely consolidate in the short term.

"The breakout of the EUR/USD above 1.1960 confirms that the bearish phase that started at the beginning of the month is over.

The outlook for the EUR/USD is considered as neutral, and the low of last week at 1.1821 is seen as a short-term trough.

From here on out, we believe that the EUR/USD has entered a consolidation/correction phase.

That being said, the immediate bias remains upward, although any rally should be part of the 1.1850/1.2050 consolidation range, not a new bullish phase."