EUR/USD: the pair could once again test 1.1025 (UOB)

UOB Group analysts anticipate further weakness in the EUR/USD pair and a likely annual low at 1.1025.

Short-term forecast: "Despite the strong rebound from the low at 1.1065, it is too early to expect a sustained recovery. The euro is more likely to consolidate its losses and trade laterally at these lower levels, probably between 1.1065 and 1.1115".

Medium-term forecast: "The euro closed down for the fourth day in a row on Friday, dropping to 1.1065 before reaching 1.1089 (-0.15%). Downward pressure has increased further and, from there, a new low at 1.1025 in early August would not be surprising. That being said, it is not clear at this stage whether there is enough momentum to break the crucial level of 1.1000. On the other hand, only an increase above 1.1160 would indicate that current downward pressure has eased".