EUR/USD well supported at 1.1100 so far – UOB

In view of the research team at UOB Group, EUR/USD still finds solid support in the 1.1100 neighbourhood.

Key Quotes

“While the range of 1.1144/1.1213 yesterday was close to our expected consolidation range of 1.1150/1.1210, the weak daily closing suggests further downward pressure from here. That said, any EUR weakness is not expected to move significantly below the major 1.1100 support”.

“There is not much to add as EUR spiked to a high of 1.1213 yesterday but eased off quickly to end near the day’s low. The outlook is still bearish but as highlighted in recent updates, any decline is expected to encounter solid support at 1.1100”.