EUR/USD: the euro's rebound should remain limited in the very short term (UOB)

UOB believes that the rise of the EUR/USD will likely remain limited on the forex.

"The EUR/USD rebounded during Wednesday's US session, hitting a peak at 1.1649 before retreating slightly.

While the pair may still push higher, the bullish momentum is not really solid and any increase could be limited to a test of 1.1670.

The next resistance level at 1.1700 should not be threatened.

On the downside, only a break of 1.1580 would indicate that upward pressures have eased (minor support is at 1.1600)."