UOB Forecasts Euro Slide Toward 1.1400 Against Dollar
United Overseas Bank expects EUR/USD to test 1.1400 support within three weeks. A break above 1.1520 would signal stabilization.
Key points
- UOB expects EUR/USD to decline to 1.1400 within three weeks.
- The pair closed at 1.1464 with resistance at 1.1480.
- A break above 1.1520 would indicate the decline is stabilizing.
United Overseas Bank projects the euro will fall to 1.1400 against the dollar. The pair closed at 1.1464 after a mild decline.
Analysts see continued downside pressure on the currency. They expect the value to edge lower in the near term.
Short Term Technical Levels
Resistance sits at 1.1480 and 1.1495 for traders. Support lies near 1.1435 in the immediate view.
The euro rose briefly to 1.1495 yesterday. It then pulled back to close lower by 0.18 percent.
Medium Term Outlook
The three week view anticipates a move to 1.1435. An extension to 1.1400 remains possible for the pair.
A breach of 1.1520 would change the outlook. This level signals that the recent decline is stabilizing.
Market Momentum Analysis
Downward momentum has increased slightly according to FXStreet reports. The euro is unlikely to reach 1.1435 immediately.
The bearish bias reflects persistent pressure on the currency. Traders should monitor the 1.1520 level closely for signals.
