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EUR/USD holds a mild downside bias after slipping below 1.1405

UOB expects EUR/USD to trade in a range between 1.1360 and 1.1465 over the next several weeks, with 1.1390 seen as the near-term loss limit.

Reported · Written up by our desk · Major Pairs

United Overseas Bank analyst Quek Ser Leang said EUR/USD is maintaining a mild downward bias after slipping below a prior strong support level at 1.1405.

He expects intraday declines to be contained to a retest of 1.1390, while resistance is seen at 1.1430, followed by 1.1430–1.1445. A break above 1.1445 would indicate that the mild downward pressure has eased, according to the outlook.

Looking ahead, UOB describes the pair as range trading between 1.1360 and 1.1465, and flags 1.1210 as the next target if key supports fail.

FXStreet noted that EUR rose to 1.1449, dipped to 1.1402, and last settled around 1.1414, down 0.22%, after the move below 1.1405 increased downward momentum. The analyst continues to expect EUR to edge lower on the day, with any decline limited to a test of 1.1390.

Latest closeEUR/USD 1.145 ▼0.2%

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