EUR/USD scope for a test of 1.1130 – UOB

In view of FX Strategists at UOB Group, the pair could slip back towards the 1.1130 region in the next 1-3 weeks.

Key Quotes

“Despite the recent lackluster price action, we still think there is room for the current pullback in EUR to extend lower”.

“However, the rising trend-line support has moved higher with time and is currently sitting at 1.1130”.

“This is a rather strong support but a break of this level would increase the odds of a move below the 1.1105/10 the low seen in late May. Overall, EUR is expected to stay under pressure unless it can reclaim 1.1265/70. On a shorter-term note, 1.1235 is already a strong resistance”.