EUR/USD: the immediate bias points to a decline (UOB)

UOB notes that the immediate bias of the EUR/USD points to a decline.

"In line with expectations, the EUR/USD consolidated horizontally on Monday. The tone has weakened somewhat, and the immediate bias is trending downward, but at this point, any decline should not have enough momentum to fall sharply below Friday's low near 1.1725 (minor support is at 1.1750).

On the upside, resistance is at 1.1800, followed by 1.1820."