Euro: Downside risk hinges on 1.1110 against US Dollar – UOB
UOB strategists Quek Ser Leang and Lee Sue Ann highlight that EUR/USD has shifted into a short-term range phase after rebounding to 1.1152. For the next 24 hours they see consolidation between 1.1120 and 1.1190. Over a 1–3 week horizon, a sustained decline requires a break and close below 1.1110, while a corrective recovery could eventually extend above the 21-day EMA at 1.1280.
UOB strategists Quek Ser Leang and Lee Sue Ann note that EUR/USD has entered a short-term range phase following a rebound to 1.1152. They anticipate consolidation between 1.1120 and 1.1190 within the next 24 hours. Over a 1-3 week period, a sustained drop would require breaching 1.1110, while a recovery could push the rate above the 21-day EMA at 1.1280.
Initially, the analysts overestimated the decline, as EUR fell to 1.1121. They remain concerned about the strong downward momentum, but note that oversold conditions may prevent EUR from breaking clearly below 1.1095 today. A support level near 1.1110 is also mentioned. EUR has since recovered, reaching a high of 1.1169 before settling at 1.1152, showing a 0.27% gain.
The analysts believe EUR may be in a range-trading phase, with the current expectation being a trade between 1.1120 and 1.1190.
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