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Euro faces persistent downside risk versus US dollar near 1.1140

EUR/USD fell to 1.1164 before closing at 1.1195, and UOB expects a possible retest of 1.1140 over the next few weeks while resistance holds around 1.1265.

Reported · Written up by our desk · Major Pairs

UOB strategists Quek Ser Leang and Lee Sue Ann said renewed selling pressure in EUR/USD has left the euro vulnerable, with the pair dropping to 1.1164 before closing at 1.1195.

They noted that while downside momentum has cooled after the rebound, the euro could revisit 1.1165 before any more sustained recovery, with major support around 1.1145 viewed as unlikely to come into play.

Looking ahead, UOB said that over the coming weeks there is scope for a test of 1.1140, though a deeper slide below that level is considered less likely for now.

On levels, the strategists pointed to resistance near 1.1265, and in the near term cited resistance around 1.1220 and then 1.1235.

Latest closeEUR/USD 1.122 ▼0.3%

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