EUR/USD: the euro seems like it could still back down on the forex (UOB)

UOB believes that the EUR/USD can still push lower but without falling too much on the forex.

"The EUR/USD peaked at 1.1721 on Friday before relapsing into a surprising move.

While the decline seems too fast, there is no sign of stabilisation at the moment, and the EUR/USD could accentuate its decline while testing the 1.1605 support level.

A dip below this threshold would not be surprising, but the chances of a stronger drop to the next support level at 1.1575 are not high.

On the upside, 1.1690 should be strong enough to limit any intraday rebound (there is minor resistance at 1.1665)."