Euro: Downside bias toward supports against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that EUR/USD failed to hold its recent range, slipping to 1.1172 and reinforcing a short-term downside bias. Intraday, the pair is seen drifting toward 1.1150, with 1.1135 considered a lower but less likely target.
UOB analysts Quek Ser Leang and Lee Sue Ann have noted that the EUR/USD currency pair has failed to maintain its recent range, falling to 1.1172 and signaling a short-term bearish outlook. Currently, the pair is trending slightly lower, nearing the 1.1150 level, with 1.1135 identified as a more extreme downside target. Over the next one to three weeks, the downward trend appears to be gaining strength, with potential touches at the 1.1135 level, while resistance remains firmly at 1.1220.
Initially, it was suggested that EUR might trade between 1.1185 and 1.1230, but the actual price action did not align with this expectation. EUR initially surged to 1.1226 before dropping to 1.1172. With the momentum shifting further downwards, the bias has now shifted towards the downside, aiming for the 1.1150 level. The next supporting level at 1.1135 seems unlikely to hold at the moment. Resistance is positioned around 1.1190 and then 1.1205.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
