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EUR/USD stabilizes after dipping below 1.1180, UOB says

UOB expects euro trading to consolidate between 1.1180 and 1.1255, while a downside test at 1.1145 remains possible over 1 to 3 weeks.

Reported · Written up by our desk · Major Pairs

According to United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann, EUR/USD briefly broke below 1.1180 to a 17-month low before rebounding and closing around 1.1220.

FXStreet reports UOB sees momentum slowing, but it still maintains a negative euro bias. The strategists warn that a test of 1.1145 and, in the longer term, a technical target near 1.1215 could occur.

In the 24-hour view, UOB says the pair is most likely to trade in a range between 1.1180 and 1.1255. Over the coming 1 to 3 weeks, UOB expects consolidation despite the recent decline.

The strategists also cite that EUR dropped to 1.1160 during the Asian session before recovering, and that EUR closed 0.28% lower at 1.1221.

Latest closeEUR/USD 1.122 ▼0.3%

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