UOB Research discusses EUR/USD technical outlook and highlights the importance of the 1.1835 resistance level for near-term directional bias.
"A break of 1.1835 would indicate the current mild downward pressure has eased”. From here, EUR could edge lower but it still appears too soon to expect a decline to 1.1700. On a shorter-term note, 1.1730 is already quite a strong support level," UOB notes.
"All in, the current mild downward pressure is deemed intact as long as EUR does not move above 1.1835 (no change in in ‘strong resistance’ level)," UOB adds.