EUR/USD (UBS) : break technical downtrend may weigh on the Euro in the short term

UBS note the break technical EUR/USD below the 1.1860/65 could weigh on the pair in the short term.

«The common currency has weakened following the German elections on Sunday – with EUR/USD breaking and closing below the trend line from April in the zone of 1.1860/65), while the comments of the minister of foreign affairs of North Korea has put pressure on risk sentiment and led to a fall in EUR/JPY and EUR/CHF.

The purchase of EUR/USD should remain supported with the approach of the end of the stimulus from the ECB while the recovery of the economy remains resilient, but short-term, the break technique could weigh on the pair, and in intraday we may see sales on rallies. «

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