EUR/USD: 1.2300 is key resistance, offered below towards 1.2153 - UOB Group

In respect to the euro, analysts t UOB Group explained that the “pressure has shifted to the downside”.

Key Quotes:

"From here, the focus has shifted to last month’s 1.2153 low and based on the vastly improved downward momentum, the odds for a break of this level have increased considerably."

"A clear break of this level would suggest that EUR is ready for much deeper down-move in the weeks ahead. In the meanwhile, only a break back above 1.2300 (‘key resistance’ was at 1.2355 yesterday) would indicate that a short-term low is in place."