EUR Faces Downward Bias as Momentum Builds, UOB Group FX Analysts Predict
The Euro (EUR) is facing a downward bias, according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann. Despite a tentative buildup in momentum, the EUR is unlikely to break clearly below 1.0815.
In the short term, EUR is expected to continue its downward trend, with resistance at 1.0870 and a potential breach of 1.0885 signaling a fade in momentum buildup. However, any further decline is not expected to break clearly below 1.0815.
Looking ahead 1-3 weeks, analysts predict that EUR will trade with a downward bias, with 1.0815 providing solid support. While downward momentum is building, a significant decline is not yet expected. As long as 1.0905 is not breached, the downward bias will remain intact.
In summary, the EUR is likely to face continued downward pressure in the short to medium term, with 1.0815 serving as a key support level. Traders should monitor resistance levels at 1.0870 and 1.0885 for potential shifts in momentum.