Euro: Downtrend eyes 1.1400 support against US Dollar – UOB

FXStreet Insights Team FXStreet

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. They see mild intraday downside that is unlikely to break 1.1435, but its 1–3 week view still anticipates a move toward 1.1435 with possible extension to 1.1400, while a break above 1.1520 would signal the decline is stabilizing.

Euro remains under pressure versus Dollar

"24-HOUR VIEW: EUR rose briefly to 1.1495 during the NY session yesterday before pulling back to close 0.18% lower at 1.1464. There has been a slight increase in downward momentum, and we expect EUR to edge lower today. Given the mild momentum, EUR is unlikely to reach 1.1435. Resistance is at 1.1480, followed by 1.1495."

"1-3 WEEKS VIEW: In our most recent narrative from last Thursday (17 Sep, spot at 1.1470), we indicated that EUR “could continue to decline to 1.1435, with potential extension to 1.1400.” There is no change in our view. On the upside, a breach of 1.1520 (‘strong resistance’ previously at 1.1545) would indicate that the decline from early last week (see annotations in the chart below) is stabilising."

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