According to FX analysts Quek Ser Leang and Lee Sue Ann from UOB Group, the Euro (EUR) may have room to test the major support level at 1.0760 before a potential recovery is expected.
EUR Could Test 1.0760 Support Level
24-HOUR VIEW: The Euro fell to 1.0775 before closing at 1.0791, showing a decrease of 0.31%. The downward momentum has slightly increased, and there is a possibility for the EUR to test the major support at 1.0760 before a rebound. However, a sustained break below this level is not expected. Resistance levels are at 1.0805 and 1.0820.
1-3 WEEKS VIEW: After turning negative on EUR last week, the analysts noted a potential decline to 1.0760. Despite a slight rebound to 1.0775, the momentum remains uncertain. A break below 1.0760 could lead to another strong support level at 1.0745. On the upside, resistance is at 1.0850.
Analysis and Conclusion
Overall, the Euro is facing a critical juncture as it approaches the major support level at 1.0760. A break below this level could signal further downside potential, while a rebound from this support could lead to a recovery. Traders and investors should closely monitor these key levels to gauge the future direction of the EUR. It is important to consider risk management strategies and stay informed about market developments to make informed decisions regarding Euro trading and investments.