EUR/USD: risks linked to the Euro seem more bearish than bullish (UOB)

UOB believes that the EUR/USD could correct downward in the very short term.

"The EUR/USD evolved horizontally on Wednesday. While the indicators are broadly neutral, the consolidation phase seems close to an end, and after the recent failures to break above the 1.1725/35 resistance zone, the risk seems to be leaning further downward.

Unless there is a move above 1.1730 (there is minor resistance at 1.1715), a break of the solid 1.1640 support level could lead to a drop to 1.1610.

At this stage, a sustained movement below this threshold is not expected."