FXStreet reports that according to FX Strategists at UOB Group, EUR/USD could attempt to break below the 1.1600 support.

24-hour view: “Our expectation for the ‘rebound in EUR to extend higher’ was wrong as it dropped to a low of 1.1611 before closing on a soft note at 1.1630 (-0.36%). Despite the relatively rapid decline, downward momentum has not improved by much. From here, there is room for EUR to probe the 1.1600 support but in view of the lackluster momentum, a sustained decline below this level is unlikely (next support at 1.1565).”

Next 1-3 weeks: “The negative phase in EUR that started more than a week ago is still intact. In our latest update from last Friday (25 Sep, spot at 1.1675), we held the view that the ‘outlook for EUR remains weak but the next support at 1.1600 may not come into the picture so soon’. While EUR subsequently dropped to a low of 1.1611, the decline appears to be running ahead of itself. From here, EUR could dip below 1.1600 but 1.1565 is expected to offer formidable support.”