EUR/USD: the euro is facing downward pressure and could still decline on the forex (UOB)

UOB's analysis of the EUR/USD's performance yesterday (21 January 2019):

Daily analysis:

Instead of moving laterally (as expected last Friday), the EUR/USD posted a "fresh" floor of 1.1350 before recovering slightly and closing -0.30% at 1.1358. Although the euro still seems under pressure, a sluggish dynamic suggests that any decline would likely struggle to fall below the strong support line at 1.1330 (the next support level is at 1.1300). Resistance is at 1.1390, but only a move above 1.1410 would indicate that the slight downward pressure has subsided.

Short-term analysis:

We have adopted the same point of view since last Wednesday (16 January, benchmark 1.11415), namely that "the EUR/USD is subject to slight downward pressure and could test the support level at 1.1330". Since then, the EUR has fallen slightly and on Friday it reached its lowest level at 1.1350. Price action reinforces our vision and we continue to see a chance of testing 1.1330. A decline below this level is not to be ruled out, but given the sluggish momentum, it is unlikely that the next major support level at 1.13 will yield. On the upside, only a move above 1.1460 (no change in this key level) would indicate that the slight downward pressure has subsided.