EUR/USD: the euro's immediate bias points towards a decline (UOB)

UOB believes that the EUR/USD is still bearish on the forex.

"The EUR/USD climbed to a peak at 1.1745 before quickly retreating. Recent upward pressure eased with the downturn and the current move is seen as part of a consolidation phase.

That being said, the immediate bias remains to the downside, but any decline should not fall significantly below the expected consolidation range at 1.1655/1.1720 (there is another strong support level at 1.1620)."