EUR/USD: the euro will likely continue to consolidate before any upward movement (UOB)

UOB believes that the EUR/USD should continue its consolidation on the forex for the time being.

"While Friday's drop was a surprise, there is no change in our outlook, which continues to expect a sideways EUR/USD movement for now.

With this in mind, bearish pressures have increased and the immediate bias is pointing downward.

At this point, we consider any decline to be part of the 1.1280/1.1420 consolidation range. A break of 1.1280 is not ruled out, but for this week, the low of 1.1213 should not be hit."