Euro: Downtrend eyes 1.1400 support against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann keep a bearish bias on EUR/USD after the pair closed lower near 1.1465.
United Overseas Bank's analysts Quek Ser Leang and Lee Sue Ann maintain a bearish outlook on the EUR/USD currency pair after it closed near 1.1465. They anticipate a slight intraday decline, with no likelihood of breaking the 1.1435 level. However, their short-term projection still expects the pair to move towards 1.1435 with a potential extension to 1.1400.
A break above 1.1520 could signal that the downtrend is stabilizing. Over the past 24 hours, the EUR rose briefly to 1.1495 during the New York session before closing 0.18% lower at 1.1464, indicating a mild increase in downward momentum. It is expected that the EUR will continue to edge lower today. Resistance is currently at 1.1480, followed by 1.1495.
In the short term, the analysts expect the EUR to go as low as 1.1435, with the potential to reach 1.1400. Should the pair break above 1.1520, it would indicate that the decline from earlier in the week is stabilizing.
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