UOB economists Quek Ser Leang and Lee Sue Ann report that the EUR/USD currency pair remains under mild pressure after breaking below the 1.1720 level and touching a low of 1.1695. Despite this decline, intraday conditions are described as oversold, suggesting that the euro is more likely to trade within a range of 1.1700 to 1.1755 in the near term rather than continue weakening immediately [1].
The 24-hour view indicates that after the euro fell to a low of 1.1721 two days ago, downward momentum did not increase significantly. The euro subsequently dropped further to 1.1695 before recovering slightly to close 0.23% lower at 1.1710. This tentative slowdown in downward momentum, combined with oversold conditions, supports the expectation of range-bound trading in the short term [1].
From a 1–3 week perspective, the economists note that the euro could trade with a downside bias toward 1.1675. While further losses toward last month’s low of 1.1655 are not ruled out, they are considered less likely unless downward momentum strengthens. The downside bias is expected to persist as long as the euro remains below the strong resistance level, now identified at 1.1765 [1].
No specific market reactions or analyst opinions beyond the technical outlook are provided in the article. The focus remains on the technical levels and the potential for further downside if momentum increases [1].
CONCLUSION
The euro remains under mild pressure against the US dollar, with a downside bias toward 1.1675 according to UOB economists. However, oversold conditions suggest a period of range-bound trading is likely in the near term. Further declines toward last month’s low are considered less probable unless momentum picks up.