The Euro (EUR) is facing potential weakness in the coming days, with analysts from UOB Group noting that a rapid buildup in downward momentum could lead to a decline in the currency. Here are the key levels to monitor:
### 24-HOUR VIEW:
– Yesterday, there was a slight increase in downward momentum, leading to a sharp decline in the EUR.
– The EUR fell below major support levels and reached a low of 1.1044.
– Despite being oversold, the decline has not stabilized.
– Today, the EUR could continue to weaken, with the likelihood of testing 1.1030.
– The major support level at 1.1000 is not expected to be breached.
– Resistance levels are at 1.1085 and 1.1110.
### 1-3 WEEKS VIEW:
– The EUR has been trading in a range between 1.1060 and 1.1215.
– Recent price action suggests a potential test of the lower end of the range.
– However, the EUR broke below 1.1060 and reached a low of 1.1044.
– Downward momentum is increasing rapidly, signaling further weakness in the EUR.
– Key levels to monitor are 1.1030 and 1.1000.
– To maintain the momentum, the EUR must not rise above 1.1150, the current strong resistance level.
In conclusion, the EUR is facing downward pressure, with levels at 1.1030 and 1.1000 being crucial points to watch. Traders and investors should be cautious of potential further weakness in the currency. It is essential to monitor resistance levels and overall market sentiment to make informed decisions regarding EUR trades and investments.