Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group still suggest EUR/USD could drift lower in the next few weeks.

Key Quotes

24-hour view: “We expected EUR to trade in a range of 1.0935/1.1000 yesterday. However, EUR traded between 1.0915 and 1.0983 before closing slightly lower at 1.0954 (-0.15%). The underlying tone has softened and EUR is likely to edge lower today. However, any decline is unlikely to break 1.0900. Resistance is at 1.0980, followed by 1.1000.”

Next 1-3 weeks: “Our latest narrative from two days ago (18 Apr, spot at 1.0925) is still valid. As highlighted, downward momentum appears to be building, albeit tentatively. EUR is likely to trade with a downward bias but any decline is expected to face solid support at 1.0830. Overall, only a breach of 1.1025 (no change in ‘strong resistance’ level) would indicate that the build-up in momentum has fizzled out.”