EUR/USD Plummets 0.68% Over Five Sessions Amid Ongoing Downward Momentum

EUR/USD has fallen for five consecutive sessions, closing at 1.1464 after a sharp 0.68% drop. According to UOB strategists Quek Ser Leang and Lee Sue Ann, short-term, the pair is likely to stay within the range of 1.1435-1.1505 due to oversold conditions.

However, their medium-term view remains focused on further downside for EUR/USD, with a potential extension to 1.1400 unless resistance at 1.1545 is breached. The strategists noted that downward momentum continues to build, and they expect the pair to decline toward 1.1435.

The sharp drop in EUR/USD has led to deeply oversold conditions, which may limit further declines within a range of 1.1435-1.1505. Nevertheless, UOB's strategists emphasize that their prediction for further downside remains unchanged unless the resistance level at 1.1545 is broken.