Euro Weakness Targets Key Support at 1.1490 Amid Renewed Downside Pressure

The Euro has been experiencing downward pressure against the US Dollar, with UOB's Quek Ser Leang highlighting renewed weakness in the EUR/USD pair. Last Friday, the Euro dropped sharply to 1.1568 before rebounding, but the sharp decline has not yet stabilized.

In its analysis, UOB noted that a clear break below 1.1565 was unlikely, but the Euro broke decisively through this level and plummeted to a low of 1.1522. The pair has since rebounded, closing 0.44% lower at 1.1547.

Looking ahead, Quek Ser Leang sees scope for further declines, with the next key support at 1.1490 potentially coming under threat. However, resistance remains at 1.1600, and a clear break above this level would be necessary to alleviate downward pressure on the Euro.