UOB strategists highlight 1.1570 as a critical downside level for EUR/USD after the pair broke below 1.1600.
EUR/USD extended its decline, closing 0.44% lower at 1.1604 after breaking below the 1.1600 support level. UOB strategists now target 1.1570 as the next key downside level, with potential for further weakness toward 1.1540 unless the pair rebounds above 1.1665.
The pair previously tested 1.1607 on Monday before a brief rebound, but downward momentum resumed, reaching a low of 1.1591. Resistance levels are now pegged at 1.1630 and 1.1645, while a break above 1.1665 could signal a short-term stabilization.
Strategists maintained a negative outlook, citing sustained downward pressure since mid-May. The focus remains on 1.1570, with a breach potentially accelerating losses toward 1.1540.