United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann turned more cautious on the euro after EUR/USD slipped close to the bottom of their earlier multiweek range, FXStreet reported Oct. 27.
FXStreet said the pair had risen to 1.1226 before dropping to 1.1172 in the preceding session, apparently Oct. 26. The outlet’s Oct. 26 account of UOB’s earlier outlook gave a 24-hour range of 1.1185 to 1.1230 and a one-to-three-week range of 1.1170 to 1.1270. The reported low fell below the shorter range’s lower edge but remained 0.0002 above the broader range’s floor.
In the newer outlook, the analysts identified 1.1150 as the next downside area over 24 hours, FXStreet reported. They listed resistance at 1.1190 and 1.1205, and described 1.1135 as less likely in the immediate term. For the following one to three weeks, they saw a possible test of 1.1135 if the pair stayed below 1.1220, which they considered strong resistance.
The two horizons describe different parts of the analysts’ view: 1.1150 was the nearer downside level, while a move to 1.1135 depended on EUR/USD remaining below the stated resistance level over a longer period. FXStreet reported the analysts’ levels and price sequence.
Separately, Sucden Financial described EUR/USD as under pressure around 1.1200 in its Oct. 27 market report. It cited the interest-rate differential favoring the dollar, French fiscal concerns, energy costs and geopolitical uncertainty as factors affecting the euro and dollar. Sucden also identified Federal Reserve and European Central Bank policy decisions expected that week as potential currency-market catalysts.