United Overseas Bank currency strategist Quek Ser Leang reports that EUR/USD has breached a key technical support level at 1.1405, establishing a mild downward bias for the pair. The euro remains under pressure against the dollar, but downside momentum appears contained with intraday losses likely capped at the 1.1390 support zone. Meanwhile, resistance is positioned between 1.1430 and 1.1445, limiting near-term upside potential.
The technical breakdown signals short-term weakness in the euro, though the relatively tight trading range suggests limited conviction from sellers. Traders should monitor whether the pair holds above 1.1390, as a break below this level could accelerate bearish pressure. The breach of 1.1405 support marks a shift in near-term dynamics for one of the world’s most liquid currency pairs, affecting forex traders, institutional brokers, and corporate hedgers with euro exposure.
FXnCO Insight
Watch 1.1390 as the critical line in the sand—a clean break below opens room for further euro weakness, while bounces face resistance ahead of 1.1430.
Source: FXStreet