EUR/USD: the euro could continue to consolidate in the short term (UOB)

UOB believes that the EUR/USD could extend its consolidation in the short term.

"The EUR/USD hit a peak at 1.1643 on Tuesday, and the ensuing decline reinforces our neutral bias, even though we continue to believe that the EUR/USD could test the bottom of the consolidation range at 1.1470.

Overall, the current move is seen as part of a consolidation phase that could still last a few days.

In other words, we do not believe that the EUR/USD will embark on a directional move soon."