EUR/USD risks a gradual decline to 1.0485 – UOB

UOB Group's Economist Lee Sue Ann and Markets Strategist Quek Ser Leang believe that EUR/USD may decline further in the coming weeks and could reach the 1.0485 level.

Key Quotes:
In the 24-hour view, the EUR was expected to weaken further, but the major support level at 1.0485 was unlikely to be broken. Another support level at 1.0530 was identified, and the EUR dipped to 1.0523 before trading sideways for the rest of the sessions. The EUR is now in a consolidation phase and is likely to trade within a range of 1.0520 to 1.0575 today.

In the next 1-3 weeks, there is not much to add to yesterday's update, as downward momentum has improved since Tuesday's sharp drop. However, as long as the EUR does not move above 1.0630, it is likely to trend lower towards 1.0485, with strong resistance at 1.0650.

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