According to UOB Group FX analysts Quek Ser Leang and Peter Chia, there is a possibility for the Euro (EUR) to test the 1.0995 level before any chance of a recovery. In the long term, the EUR is expected to continue weakening, with the next significant support level to monitor below 1.0995 at 1.0960.
Anticipated Decline to 1.0960 Below 1.0995
24-HOUR VIEW: Yesterday, the EUR dropped to 1.1014 before closing at 1.1019 (-0.14%). The analysts suggest that there is room for the EUR to test 1.0995 before any possibility of a recovery. The next level to watch below 1.0995 is at 1.0960, with resistance levels at 1.1045 and 1.1065.
1-3 WEEKS VIEW: With EUR likely to continue weakening, the next significant level to observe below 1.0995 is at 1.0960. Only a breach of 1.1085 would indicate that the EUR is not further weakening.
Analysis: The Euro (EUR) is expected to face a potential drop to 1.0995 before any signs of recovery. Investors should monitor the support levels at 1.0995 and 1.0960 closely to make informed decisions about their investments in the EUR. A breach of 1.1085 could signal a halt in the weakening trend, providing a key resistance level to watch.