According to United Overseas Bank’s (UOB) Quek Ser Leang, the EUR/USD currency pair closed softer at 1.1376 after experiencing choppy trading between 1.1361 and 1.1423. The short-term momentum for the euro is turning lower, with the potential to test the 1.1360 level, while the major support at 1.1335 is expected to remain intact unless there is a sharp surge in downward momentum [1].
In the 24-hour view, UOB notes that the euro could test and potentially break below 1.1360, but any further decline is unlikely to threaten the key support at 1.1335 unless momentum increases significantly. Resistance is identified at 1.1395, and a breach of 1.1410 would signal that the current downward momentum has faded [1].
Looking at the 1-3 week horizon, UOB maintains its previous outlook that the euro's recent weakness has stabilized and expects range trading between 1.1335 and 1.1470. However, UOB warns that if the 1.1390–1.1410 zone is broken, the euro could target a lower level at 1.1210 [1].
No specific market reactions or analyst opinions beyond UOB’s technical outlook are mentioned in the article. There are no references to ticker symbols or broader market implications discussed [1].
CONCLUSION
UOB’s analysis highlights a cautious outlook for the euro, with downside risks present but key supports expected to hold in the near term. The currency is anticipated to remain range-bound unless significant momentum shifts occur. Market participants are advised to watch the 1.1360 and 1.1335 support levels closely for potential further moves.