EUR/USD: technicals are bearish below 1.1160 - UOB

Analysts at UOB Group explained that the technical case for EUR/USD has increased downside risk but bearish only if below 1.1160.

Key Quotes:

"We shifted to a neutral stance last Friday and expected EUR to trade sideways within a 1.1190/1.1370 range.

EUR rose to a high of 1.1340 before dropping sharply to end near the low at 1.1195. The short-term risk is clearly on the downside but we prefer to see a clear break of 1.1160 before shifting to a bearish stance.

The odds for such a move appear to be quite high unless EUR can move and stay above 1.1240 within these 1 to 2 days."