EUR/USD Eyes Key Support Levels as Downside Momentum Builds

The EUR/USD pair has been experiencing building downside momentum, according to UOB's Quek Ser Leang. The 21-day EMA is approaching a bearish cross below the 55-day EMA, which could signal further downward movement in the pair. The Ichimoku cloud and key moving averages have also been broken, with support levels at 1.1400, 1.1353, and 1.1324.

Notably, when the 21-day EMA has crossed below the 55-day EMA in previous instances, EUR/USD has subsequently declined for a few weeks. Looking ahead, if the pair breaks below 1.1400, the next level to watch would be the July low of 1.1353, followed closely by the June low of 1.1324.