As a top investment manager and financial market journalist, I bring you the latest insights on the EUR’s potential movement in the short term. According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, there is a chance for the Euro to dip towards 1.0790 before the risk of a more sustained rebound increases. However, the major support at 1.0760 is unlikely to come under threat.
24-Hour View
When EUR was trading at 1.0820 yesterday, our analysis indicated that as long as EUR remains below 1.0845, it could drop below 1.0800. The major support at 1.0760 is still unlikely to come under threat. Despite a slight slowdown in downward momentum, there is still a possibility for EUR to dip to 1.0790 before a potential rebound. Resistance levels are at 1.0830 and 1.0845.
1-3 Weeks View
Our negative EUR view remains unchanged, with the next level to focus on being 1.0760. Only a breach of 1.0870 would signal an end to the EUR weakness that began last week.
Analysis and Breakdown
For those looking to understand the potential movement of the Euro in the short term, it is important to note that there is a chance for the EUR to dip towards 1.0790 before a potential rebound. The major support at 1.0760 is expected to hold firm, providing a level of stability for the currency. Resistance levels at 1.0830 and 1.0845 should be monitored for potential reversals in the EUR’s movement.
Overall, investors and traders should keep a close eye on the EUR’s performance in the coming days to capitalize on potential opportunities arising from these forecasted movements.