Euro: Downside risk persists toward 1.1550 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that EUR/USD has shifted into short-term range trading between 1.1570 and 1.1610 after a dip to 1.1565 and rebound to 1.1608. They still see scope for a test of 1.1550 unless 1.1630 strong resistance breaks.
Euro (EUR) remains susceptible to downside risks near the 1.1550 level against the US Dollar (USD), according to United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann. The pair has settled in a short-term range between 1.1570 and 1.1610 following a decline to 1.1565 and a recovery to 1.1608. Analysts maintain that a breakout above 1.1630, currently viewed as strong resistance, would signal that EUR is not likely to continue declining.
Over the next one to three months, medium-term targets are still centered around the 1.1800 and 1.1850 levels. On a 24-hour basis, EUR fell from 1.1624 to 1.1583, concluding at 1.1592, down 0.21%. The piece notes that while there remains room for EUR to dip below the 1.1573 low, support at the 1.1550 level appears unlikely at present.
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