EUR/USD door open for further downside – UOB

Analysts at UOB Group believe EUR/USD could be headed towards the mid-1.1000s in the next 1-3 weeks.

Key Quotes

“EUR finally broke below the 1.1180 support and exceeded the 1.1140 target”.

“The current movement is likely the start of the next leg lower and from here; we are aiming for a move to the mid-March low of 1.1055”.

“This is a rather strong support and those who are short from last Monday should look to cover half of their position at this level. Stop-loss is adjusted lower to 1.1230 from 1.1295”.