The EUR/USD pair has experienced a slowdown in momentum, with further decline expected to be within a trading range of 1.0490/1.0580. According to UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann, the next support level is at last year’s low, around 1.0450.
In the 24-hour view, despite being oversold, the weakness in the EUR has not stabilized yet. The pair broke below 1.0500, reaching a low of 1.0496 before rebounding to close at 1.0530. While conditions remain oversold, any further decline is likely to be part of a lower trading range. The EUR is unlikely to break clearly below 1.0490.
Looking ahead to the 1-3 weeks view, UOB Group has maintained a negative outlook on the EUR for over a week. Despite expectations of weakening, the 1.0500 level may not come into view immediately due to oversold conditions. However, a breach of 1.0670 would indicate a halt in the weakening trend. With the price action suggesting ongoing weakness, caution is advised given the oversold conditions. The next support level is at last year’s low of around 1.0450, with strong resistance now at 1.0610.
In the longer run, the EUR is expected to continue weakening, with price action indicating a downward trend. The next support level is at last year’s low near 1.0450. While caution is advised due to oversold conditions, the EUR is likely to face resistance at 1.0610 on the upside. Overall, the EUR/USD pair is expected to remain within a lower trading range of 1.0490/1.0580, with further decline a possibility.
Despite being oversold, the EUR has not stabilized yet, with further decline expected to be within a trading range of 1.0490/1.0580. UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note that the next support level is at last year’s low of around 1.0450. The EUR broke below 1.0500, reaching a low of 1.0496 before rebounding to close at 1.0530, indicating ongoing weakness.
In the 1-3 weeks view, UOB Group maintains a negative outlook on the EUR, with expectations of continued weakening. Despite oversold conditions, the 1.0500 level may not be immediately reached. A breach of 1.0670 would halt the weakening trend, although the price action continues to suggest weakness. Caution is advised due to oversold conditions, with the next support level at last year’s low of around 1.0450 and strong resistance at 1.0610.
