EUR/USD risks further downside – UOB

FX Strategists at UOB Group noted EUR/USD remains poised for extra losses in the short-term horizon.

Key Quotes

24-hour view: “EUR dipped to 1.1754 yesterday before rebounding quickly. Downward pressure has eased and the risk of a sustained decline in EUR is not high. For today, EUR is more likely to trade sideways to slightly lower, expected to be within a 1.1750/1.1800 range.”

Next 1-3 weeks: “EUR edged to a low of 1.1754 yesterday before recovering to close at 1.1779 (-0.16%). Downward momentum has improved a tad and EUR could continue to edge lower but at this stage, it is too soon to expect a move to the major support at 1.1700 (there is another support at 1.1730). On the upside, a break of 1.1835 would indicate the current mild downward pressure has eased.”