Forex
EUR/USD Faces Downside Risks Below Key Support Level
EUR/USD has been experiencing downside momentum after plummeting to a low of 1.1591, according to United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann.
Despite the sharp decline, they note that there is limited scope for a sustained break below 1.1585 in the near term.
The analysts predict that if EUR closes under 1.1585, it could lead to a move towards 1.1565, while resistance is seen around 1.1645.
UOB had previously expected EUR to trade within a range of 1.1610 and 1.1650, but the recent price action has shifted their view, indicating growing downside momentum.