Title: Euro (EUR) Faces Potential Decline with Support at 1.0815 – Analysts Predict
Are you wondering about the future of the Euro (EUR) in the financial market? According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, there is a chance for the Euro to edge lower, but any decline is unlikely to break clearly below the support level of 1.0815.
In the short-term view, analysts noted a tentative buildup in downward momentum, leading to a weaker EUR. However, the currency rebounded from a low of 1.0824, closing at 1.0839. While there is a possibility for the Euro to edge lower, it is expected to find support at 1.0815 with resistance levels at 1.0855 and 1.0865.
Looking ahead in the 1-3 week view, downward momentum is building but not enough to suggest a significant decline. The EUR is likely to trade with a downward bias, with solid support at 1.0815. As long as the strong resistance level at 1.0890 is not breached, the downward bias remains intact. If the Euro breaks below 1.0815, the next level to watch is 1.0760.
In conclusion, investors should keep an eye on the Euro’s movements in the market, with the support level of 1.0815 playing a crucial role. By staying informed about the potential decline and resistance levels, investors can make well-informed decisions about their finances and investments.