EUR/USD Eyes 1.1400 as Downside Momentum Builds

Quek Ser Leang and Lee Sue Ann from United Overseas Bank (UOB) maintain their negative stance on EUR/USD after it closed at 1.1447.

The pair sees scope for further Euro weakness, with intraday support at 1.1415 and a key level at 1.1400, although they doubt a sustained break lower.

On a 1-3 month view, moving averages point to building downside momentum with 1.1400 as next daily support.

The analysts note that while EUR could continue to drop today, any decline is unlikely to reach 1.1400, given the mild momentum and minor support at 1.1415.