EUR/USD: Can edge lower and potentially test the 1.1440 level – UOB Group

There has been a slight increase in downward momentum; Euro (EUR) could edge lower and potentially test the 1.1440 level. EUR is likely to trade in a range for now, probably between 1.1400 and 1.1570, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

EUR is likely to trade in a range for now

24-HOUR VIEW: "EUR traded in a quiet manner yesterday until the NY session, when it fluctuated between 1.1460 and 1.1530 before closing unchanged at 1.1479. The price action has resulted in a slight increase in downward momentum. Today, we expect EUR to edge lower, and potentially test the 1.1440 support level. The major support at 1.1400 is not expected to come into view. Resistance is at 1.1500, followed by 1.1525."

1-3 WEEKS VIEW: "We turned positive on EUR last week. In our latest narrative from Monday (16 Jun, spot at 1.1540), we highlighted that 'upward momentum has slowed somewhat, and a breach of 1.1480 would suggest that EUR may trade in a range instead of rising further.' EUR then broke below 1.1480 on Tuesday. As stated, EUR is likely to trade in a range for now, probably between 1.1400 and 1.1570."