**Euro Faces Continued Downside Pressure as UOB Eyes 1.1550 Test**
United Overseas Bank currency analysts Quek Ser Leang and Lee Sue Ann warn the euro remains vulnerable to further losses against the US dollar despite recent stabilization. After touching 1.1565 and rebounding to 1.1608, EUR/USD has settled into short-term range-bound trading between 1.1570 and 1.1610.
The UOB strategists maintain their bearish outlook, projecting the pair could test support at 1.1550 in the near term. The downside scenario remains intact unless the euro can break through strong resistance at 1.1630, which would invalidate the current negative bias.
This technical setup suggests the euro’s recent weakness against the greenback has not reversed, leaving currency traders watching the 1.1630 level as the critical threshold for any meaningful recovery. The narrow trading range indicates market indecision ahead of potential directional moves.
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FXnCO Insight
** Traders should watch for a decisive break above 1.1630 resistance to consider reversing short euro positions, otherwise maintain defensive positioning with 1.1550 as the next downside target.
Source: FXStreet