FXStreet reports that UOB Group’s FX Strategists see EUR/USD grinding lower to 1.2010 if 1.2080 is cleared in the near-term.

Next 1-3 weeks: “We highlighted on Monday that EUR is likely to weaken further and ‘the next level to focus on is at 1.2010’. EUR subsequently dropped to 1.2052 before staging a strong rebound yesterday (high of 1.2144). Shorter-term momentum has improved a tad and a break of 1.2170 (no change in ‘strong resistance’ level) would indicate that EUR is not ready to move to 1.2010 just yet. In order to rejuvenate the flagging downward momentum, EUR has to move and stay below 1.2080 within these 1 to 2 days or the odds for a move lower to 1.2010 would diminish quickly.”