United Overseas Bank currency strategist Quek Ser Leang warns the euro faces mounting downside pressure against the US dollar following volatile trading that saw EUR/USD settle at 1.1376. The pair swung between 1.1361 and 1.1423 in choppy overnight sessions before closing weaker, signaling deteriorating short-term momentum for the single currency.
UOB’s technical analysis suggests EUR/USD could test the 1.1360 level in the immediate term as bearish pressure builds. However, the bank emphasizes that a critical support zone at 1.1335 remains intact for now, representing a key threshold that could determine the pair’s near-term direction. A break below this major support would likely trigger additional euro weakness and potentially accelerate selling pressure across European currency pairs.
Traders should monitor whether the 1.1335 floor holds, as a breach could signal broader euro vulnerability amid ongoing dollar strength.
FXnCO Insight
Watch the 1.1335 support level closely—a decisive break below this threshold would likely trigger stop-loss orders and open the door for further euro downside.
Source: FXStreet