📝 Executive Summary
The EUR/USD pair staged a recovery after briefly dipping below the 1.1180 support level to reach a 17-month low. United Overseas Bank strategists now anticipate a period of consolidation as the pair stabilizes near 1.1220.
Bearish
🤖 60%
UOB strategists Quek Ser Leang and Lee Sue Ann highlight that the pair recently touched a 17-month low by breaking below the 1.1180 support level. Despite a subsequent rebound to 1.1220, the technical outlook suggests a period of consolidation within a defined range, with the potential for further downward pressure remaining a key consideration.
Catalysts
- ▼ Break below the 1.1180 support level
- ▼ Rebound to the 1.1220 level
Risk Factors
- ▲ Potential for further lows following the 17-month low breach
- ▲ Failure to maintain consolidation range
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What is the current technical outlook for EUR/USD?
UOB strategists expect the pair to consolidate within a defined range following its recent dip to a 17-month low.
What was the recent low for EUR/USD?
The pair briefly broke below 1.1180, marking a 17-month low.