FXStreet reports that according to FX Strategists at UOB Group, EUR/USD could recede further and re-test the mid-1.1600s in the near-term.

24-hour view: “We highlighted yesterday that ‘there is chance for EUR to edge lower but any weakness is likely limited to a test of 1.1705’. We added, ‘the next support is at 1.1680’. The weakness in EUR exceeded our expectation as EUR dropped to 1.1686 before rebounding. While the decline is oversold, it is too early to expect a sustained recovery. From here, EUR is likely to test the major support at 1.1680 first before a rebound can be expected. For today, a break of the next support at 1.1650 is unlikely. Resistance is at 1.1735, the stronger level is at 1.1765.”