Leading FX strategists Quek Ser Leang and Lee Sue Ann from UOB Group analyze the current situation of the Euro (EUR) against the US Dollar (USD).
Bearish push towards 1.0760
In the short-term view, the Euro is expected to trade in a sideways range of 1.0800 to 1.0850, with no significant increase in either downward or upward momentum.
Looking ahead to the next 1-3 weeks, the Euro has shown signs of slowing downward momentum, reducing the likelihood of dropping further to 1.0760. However, a breach of 1.0870 could change this scenario and push the Euro lower.
Analysis and Conclusion
As the Euro continues to face downward pressure, investors should closely monitor the key support level at 1.0760. A breach of this level could signal further weakness in the Euro. On the other hand, a break above 1.0870 could indicate a reversal in the current trend.
It is important for investors to stay informed about these key levels and market developments to make informed decisions about their investments. By understanding the technical analysis and the potential outcomes, investors can better navigate the volatile foreign exchange market and protect their assets.