The research team at UOB Group sees the pair’s outlook turning to bearish following a break below recent lows in the 115.95 area. Key Quotes “The shift to a neutral stance yesterday was timely even though we clearly do not anticipate such a sharp drop to 117.03”. “In view of the extreme volatility, we believe it is too early to expect a sustained down-move at this stage”. “From here, we think only a clear move below the recent low near 115.95/00 would indicate the start of a bearish phase. In the meanwhile, the elevated volatility could lead to a period of choppy trading within a very broad range”. For more information, read our latest forex news.