UOB’s report, authored by Quek Ser Leang and Lee Sue Ann, suggests that the EUR/USD is facing downside risks, with potential support levels highlighted. The report indicates that a break below 1.1750 could occur, although a significant drop to 1.1725 is deemed unlikely at this time. The overall sentiment remains bearish for the Euro against the Dollar.

EUR/USD downside risk outlook

“Risk for EUR is tilted to the downside; a break below 1.1750 is not ruled out, but 1.1725 is likely out of reach for now.”

“While EUR has not been able to make much headway on the downside since then, we will continue to hold the same view as long as 1.1860 (‘strong resistance’ level was at 1.1875 yesterday) is not breached.”

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