EUR/USD: the euro will likely continue to back down on the forex (UOB)

UOB believes that the EUR/USD will likely continue to fall back on the forex.

"The EUR/USD broke under last week's trough at 1.1566.

While it is too early to anticipate a sustained rebound, the combination of oversold conditions and momentum loss suggest limited risks for a sharp drop.

The EUR/USD should continue to fall, but the odds of a break through major support at 1.1530 are not high.

A resistance level is at 1.1605, followed by 1.1630."