Select Language

EUR/USD: Major support at 1.1570 is likely out of reach - UOB Group

Breaking news

EUR/USD: Major support at 1.1570 is likely out of reach - UOB Group

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
update 2025.09.03 17:34
EUR/USD: Major support at 1.1570 is likely out of reach - UOB Group

update 2025.09.03 17:34

Oversold decline in Euro (EUR) could drop below 1.1600; the major support at 1.1570 is likely out of reach. In the longer run, bias for EUR has shifted to the downside; it is too early to determine whether EUR can break below the major support at 1.1570, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Bias for EUR has shifted to the downside

24-HOUR VIEW: "After EUR rose more than we expected on Monday, we indicated yesterday, Tuesday, that 'the upward bias appears to have faded,' and we expected EUR to 'consolidate in a range of 1.1685/1.1735.' Instead of consolidating, EUR fell sharply, reaching a low of 1.1610 before recovering to close at 1.1638, down 0.61%. While oversold, the decline has not stabilised. Today, EUR could dip below 1.1600, but given the oversold conditions, it is unlikely to reach the major support at 1.1570. Resistance is at 1.1655; a breach of 1.1675 would indicate that the weakness is starting to stabilise."

1-3 WEEKS VIEW: "We turned positive on EUR late last week. After EUR rose, we highlighted yesterday (02 Sep, spot at 1.1710) "the risk for EUR remains on the upside, but it must first close above 1.1755 before a move toward 1.1790 can be expected." We did not anticipate the sharp drop that broke below our 'strong support' level of 1.1660 (low of 1.1610). Not only has upward momentum faded, but downward momentum has also increased. We expect EUR to trade with a downward bias now, but it is too early to determine whether EUR can break clearly below the major support at 1.1570. The downward bias will remain intact as long as EUR holds below 1.1700 ('strong resistance' level)."


Date

Created

 : 2025.09.03

Update

Last updated

 : 2025.09.03

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

BoJ Minutes: To keep raising rates if economy, prices move in line with its forecast

The Bank of Japan (BoJ) board members shared their views on the monetary policy outlook on Thursday, per the BoJ Minutes of the July meeting.     
New
update2025.09.25 08:59

AUD/USD weakens below 0.6600 on Fed Powell's cautious rate outlook

The AUD/USD pair loses ground to near 0.6585 during the early Asian session on Thursday. The cautious rate outlook of the US Federal Reserve (Fed) Chair Jerome Powell provides some support to the US Dollar (USD) against the Australian Dollar (AUD).
New
update2025.09.25 08:38

GBP/USD flubs bullish recovery, falls back below key technical levels

GBP/USD fumbled a near-term bullish correction on Wednesday, slipping back below the 50-day Exponential Moving Average (EMA) near 1.3500 and snapping a two-day winning streak.
New
update2025.09.25 08:27

GBP/JPY Price Forecast: Surpasses 200.00 as soft Japan PMIs weigh on Yen

The GBP/JPY advances over 0.22% on Wednesday after the Japanese Yen weakened on softer Flash PMIs reported. At the time of writing, the cross-pair trades at 200.16 after hitting a daily low of 199.46.
New
update2025.09.25 08:10

USD/JPY rises above 148.50 ahead of BoJ Meeting Minutes

The USD/JPY pair rises to near 148.80 during the early Asian session on Thursday. The US Dollar (USD) strengthens to near its highest in three weeks against the Japanese Yen (JPY) due to a fresh round of risk aversion across the financial markets and a cautious tone from the US central bank. 
New
update2025.09.25 08:00

EUR/USD drops below 1.1750 as Powell's cautious tone lifts Dollar

EUR/USD tumbles on Wednesday edges down 0.66% as the Greenback recovers following Tuesday's Fed Chair Jerome Powell speech, in which he was cautious regarding rushing to reduce interest rates. The pair trades at 1.1738 after hitting a daily high of 1.1819.
New
update2025.09.25 07:35

Fed's Daly supports rate cuts, but warns rates can't fix policy issues

Federal Reserve (Fed) Bank San Francisco President Mary C. Daly noted on Wednesday that although she supports rate cuts, there is only so much that pressing interest rates down to neutral can accomplish on the stability front.
New
update2025.09.25 07:20

Fed's Goolsbee warns against series of rate cuts

Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee broke away from the overarching narrative of consecutive Fed rate cuts heading through the end of the year, widening the narrative gap between Fed incumbents and Donald Trump's newly-minted Fed plant Stephen Miran.
New
update2025.09.25 04:31

Gold retreats from record high as Powell cools cut bets, US Dollar strengthens

Gold (XAU/USD) price turns negatively on Wednesday after rallying for three consecutive trading days, which pushed the yellow metal to a record high at $3,791, before retreating somewhat as investors digest Federal Resever (Fed) Chair Jerome Powell's comments, which seem to pour cold water on rate c
New
update2025.09.25 04:11

Forex Today: SNB rate call, US GDP, Japan Tokyo CP inflation on deck

The US Dollar lurched higher on Wednesday, sparked by a fresh round of risk aversion across the broader markets. Central banks worldwide are grappling with two-speed economies of varying degrees, and many are battling a steepening slowdown in economic activity.
New
update2025.09.25 03:45

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel