United Overseas Bank (UOB) analysts maintain a bearish outlook on the EUR/USD currency pair, expecting the Euro to weaken further against the US Dollar. According to FX Street, UOB's Quek Ser Leang and Lee Sue Ann highlighted that the pair recently closed at 1.1447, signaling continued downside pressure.
The analysts identified intraday support at 1.1415 and a critical level at 1.1400, suggesting that the Euro could test these levels in the near term. However, they remain skeptical about a sustained move below 1.1400, indicating that this level could act as a strong floor for the pair.
For Japanese markets, the EUR/USD trend remains relevant as fluctuations in major currency pairs influence FX trading strategies and impact cross-border equity investments. Traders should closely monitor these support levels as they consider their positions.