FXStreet reports that in the opinion of FX Strategists at UOB Group, EUR/USD risks further decline in the next weeks.

Next 1-3 weeks: “Yesterday, we highlighted that ‘downward momentum is showing tentative signs of building and a daily closing below 1.1680 would indicate that EUR could break August’s low at 1.1662 and head towards 1.1630’. EUR subsequently dropped to 1.1666 before closing at 1.1681 (-0.11%). While we prefer a weaker daily closing, the price actions suggest that EUR is likely to trade with a downward bias from here. That said, downward momentum still appears to be a bit tentative and the major support at 1.1630 may not come into the picture so soon. On the upside, a break of 1.1745 (no change in ‘strong resistance level from yesterday) would indicate that the current downward bias has eased.”