The research team at UOB Group sees the pair slipping towards the 110.00 handle in the near term.
Key Quotes
“While the recovery from last week’s low of 110.65 has been more resilient than expected, the sharp drop from the recent high of 112.95/00 appears incomplete and another leg lower to test the 110.00 support is still a distinct possibility”.
“The overall price action appears to be a ‘triangle break-down’ but a move back above 112.95/00 would indicate that the drop to the 110.65 is a ‘false break’.
(Market News Provided by FXstreet)