Euro: Downtrend extends toward 1.1400 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang maintains a bearish stance on EUR/USD after recent declines, expecting the pair to trade intraday between 1.1460 and 1.1500 as momentum eases.
UOB's Quek Ser Leang remains bearish on EUR/USD after recent declines, predicting the pair to fluctuate between 1.1460 and 1.1500 intraday as momentum wanes. Over the next weeks, the Euro (EUR) could further depreciate to 1.1435 and 1.1400, with key resistance at 1.1545 and enhanced downside signals from EMAs. Earlier, EUR plummeted to 1.1460, then to 1.1450 before edging to 1.1474, indicating potential further weakness.
The downward trend has softened, and analysts anticipate EUR trading within 1.1460 and 1.1500. Persisting the negative outlook from a week ago, UOB anticipates EUR to continue to decline to 1.1435, possibly reaching 1.1400, provided the "strong resistance" at 1.1545 is not surpassed.
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