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United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that EUR/USD slipped to 1.1742 as the Dollar firmed on stalled US–Iran talks and weaker German sentiment. They see a tentative build-up in downside momentum, with scope to retest 1.1720 but not the 1.1665 major support, while keeping a broader 1.1665–1.1840 range and longer-term upside scope under 1.1800 resistance.
Mild downside while range intact
“24-HOUR VIEW: On Monday, EUR rebounded and closed at 1.1787 (+0.21%). When EUR was at 1.1785 yesterday, we highlighted the following: “While EUR could rebound further, given that there is no clear increase in upward momentum, any advance is likely limited to a test of 1.1805.” The subsequent price movements did unfold as expected, as EUR dropped from 1.1791 to 1.1718 before recovering to close at 1.1742 (-0.38%). There has been a tentative increase in downward momentum, and EUR could retest the 1.1720 level. A break below this level is not ruled out, but we do not expect the major support at 1.1665 to come into view. To sustain the tentative build-up in downward momentum, EUR must hold below 1.1775, with minor resistance at 1.1760.”
“1-3 WEEKS VIEW: We highlighted on Monday (20 Apr, spot at 1.1750) that EUR “is likely to trade in a range for the time being, probably between 1.1665 and 1.1840.” Our view remains unchanged. “
