Euro: Downside pressure toward 1.1490 against US Dollar – UOB
UOB’s Quek Ser Leang and Lee Sue Ann keep a cautious stance on EUR/USD after the pair closed almost unchanged near 1.1543.
UOB analysts maintain a cautious outlook on EUR/USD, currently trading near 1.1543, after experiencing minimal movement. While there is a hint of weakening downside momentum in the short term, the 1–3 week view suggests potential losses toward 1.1490 unless the resistance at 1.1585 is overcome. The analysts emphasize that while EUR has fallen more than anticipated on Monday, it has since recovered, closing largely unchanged at 1.1543, down 0.03%.
Although downward momentum is beginning to ease, there remains a chance for EUR to decline toward 1.1520. If EUR breaches 1.1520, it is not ruled out, but given the prevailing momentum, the major support level at 1.1490 is unlikely to be challenged. Resistance is identified at 1.1550 and 1.1565.
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