EUR/USD: the euro could still fall to 1.1330 (UOB)

Yesterday's EUR/USD analysis:

We were expecting the EUR/USD's weakness to rise to 1.1360, but it recovered quickly after hitting 1.1364. The downward pressure seems to be easing, but it is too early to expect a sustained rebound. The EUR is more likely to consolidate and trade later at these low levels, which should be in the 1.1380/1.1440 range.

Short-term EUR/USD analysis:

The EUR/USD slightly exceeded the 1.1378 low of Tuesday (15 January) and hit 1.1374 before recovering slightly. The price action reinforces our view that the euro is "under a slight downward pressure" and we continue to see a chance that support at 1.1330 is tested. However, the next support level at 1.1300 is a major level and is unlikely to yield as easily. On the upside, only a move above 1.1480 (the level was at 1.1500 on Wednesday) would indicate that the slight downward pressure has subsided.