According to United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann, the EUR/USD currency pair is experiencing mild downward pressure after slipping toward the 1.14 level [1]. Despite this, they expect any intraday decline to be limited, with a potential test of 1.1380, while major support at 1.1360 is unlikely to be challenged in the near term [1].
For the next 1–3 weeks, UOB views the current price action as part of a range-trading phase, with the EUR/USD expected to trade between 1.1360 and 1.1465 [1]. The analysts note that a deeper target of 1.1210 could come into play only if the key support at 1.1360 is breached [1].
In the short term, resistance is identified at 1.1415, and a breach of 1.1430 would indicate that the mild downward pressure has eased [1]. The overall bias remains soft but rangebound, with no major market-moving developments or significant volatility anticipated based on the current analysis [1].
CONCLUSION
UOB analysts see the euro under mild downward pressure against the US dollar but expect the currency pair to remain within a defined trading range. Unless key support at 1.1360 is broken, significant downside is not anticipated, suggesting limited market impact in the near term.