According to United Overseas Bank’s (UOB) Quek Ser Leang, the EUR/USD currency pair has retained a mild downside bias after slipping below a previously strong support level at 1.1405, reaching a low of 1.1402 before settling at 1.1414, representing a 0.22% decline [1]. UOB expects any further intraday losses to be limited to tests of the 1.1390 support level, with resistance seen at 1.1430 and a breach of 1.1445 indicating an easing of the current mild downward pressure [1].
For the coming weeks, UOB projects that EUR/USD will likely enter a range-trading phase between 1.1360 and 1.1465, with 1.1210 identified as the next target if key supports fail [1]. The analysis notes that the breach of the 1.1405 support level signals fading upward momentum, shifting the outlook from an upside bias to a more neutral or mildly bearish stance [1].
No specific market reactions or analyst opinions beyond UOB’s technical outlook are provided in the article. The focus remains on technical levels and the expectation of limited downside in the near term, barring a break of further support [1].
CONCLUSION
UOB’s analysis suggests that the euro’s recent slip below key support has diminished upward momentum, with the currency now expected to trade within a defined range against the US dollar. Downside appears limited in the short term, but a break of further support could open the way to lower targets.