EUR/USD gains ground following a dip in the US Dollar Index, though UOB analysts warn that the underlying bearish trend persists and will likely cap further upside momentum.
UOB strategists note EUR/USD bounced but see broader downtrend intact, capping rebound against USD.
The EUR/USD pair saw a brief recovery on Tuesday as the US Dollar Index retreated from recent highs. Despite the intraday bounce, United Overseas Bank strategists maintain that the broader downtrend for the Euro remains firmly intact against the greenback.
Despite a recent bounce caused by a weaker US Dollar Index, UOB strategists believe the structural downtrend for the Euro remains intact, suggesting that any gains will be capped.