EUR/USD: a breach of 1.0710 unlikely near term – UOB

FXStreet (Edinburgh) - According to the research team at UOB Group, a break below the 1.0710 support appears unlikely in the short term.

Key Quotes

“The short-term EUR strength appears to have room to extend higher but as long as the stop-loss at 1.0905 is intact, we continue to hold a bearish view”.

“That said, as highlighted previously, downward momentum is not impulsive and a move below the major support at 1.0710 appears unlikely for now”.