The Euro (EUR) has continued its decline against the US Dollar (USD), reaching fresh 17-month lows, according to United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann [1]. The analysts note that the EUR/USD pair dropped sharply to a low of 1.1151, a move that was not anticipated as they had expected range-trading [1]. Despite the oversold conditions, further losses are possible in the near term, but these are expected to be contained within the 1.1145–1.1185 range [1].
Looking ahead over the next one to three weeks, UOB analysts suggest that the downtrend, which began more than a month ago, could extend gradually toward the 1.1115 support level unless the pair breaks above strong resistance at 1.1220 [1]. The report emphasizes that downward momentum has not increased significantly, but the weakness in the Euro has not yet stabilized [1]. Technical analysis highlights key support levels at 1.1145 and 1.1115, with resistance at 1.1220 and 1.1255 [1].
No specific market reactions or broader implications are discussed in the article, nor are there any forward-looking statements from other analysts beyond the UOB team's technical outlook [1].
CONCLUSION
The Euro remains under pressure against the US Dollar, with analysts expecting a gradual move toward lower support levels unless resistance is breached. Market sentiment is negative, and the downtrend appears likely to persist in the short to medium term.