Scope for EUR to weaken further; any decline is unlikely to reach the major support at 1.0250. In the longer run, outlook is unclear; EUR could trade in a broad range of 1.0250/1.0490 for the time being, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

EUR is unlikely to reach the major support at 1.0250

24-HOUR VIEW: “We expected EUR to trade in a 1.0355/1.0415 range last Friday. Our expectation was incorrect, as EUR fell, reaching a low of 1.0304. Downward momentum has increased, albeit not much. There is scope for EUR to weaken further today, but any decline is unlikely to reach the major support at 1.0250 (there is another support level at 1.0275). Resistance levels are at 1.0335 and 1.0365.”

1-3 WEEKS VIEW: “Our view from last Wednesday (05 Feb, spot at 1.0375) still stands. As highlighted, ‘the outlook is unclear for now, and EUR could trade in a broad range of 1.0250/1.0490 for the time being’.”