The Euro (EUR) is currently facing some mild downward pressure, but experts believe that it is unlikely to break the major support level at 1.0770. Let’s dive deeper into the analysis by UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann:
### Chance for EUR to drop to 1.0770
#### 24-Hour View:
– After a sharp decline in EUR two days ago, experts predicted a further potential decline.
– The currency did indeed drop to a low of 1.0792, closing at 1.0797.
– Momentum has slightly increased, and today, EUR is expected to edge lower.
– However, it may not have enough momentum to break the major support at 1.0770.
– Resistance is at 1.0815, with a breach of 1.0830 indicating fading downward pressure.
#### 1-3 Weeks View:
– EUR turned negative earlier this month, with downward momentum not showing significant improvement.
– There is a chance for EUR to drop to 1.0770 before stabilisation can be expected.
– The view remains the same unless the strong support level at 1.0870 is breached.
– If EUR breaks below 1.0770, the next significant support level to watch is at 1.0740.
In summary, while EUR is currently experiencing some downward pressure, it is unlikely to break the major support level at 1.0770. The currency may continue to edge lower in the short term, but a significant decline is not expected unless it breaches the strong support level at 1.0870. Investors should keep a close eye on these key levels to determine the future direction of EUR.
Analysis:
The detailed analysis provided by UOB Group’s FX analysts gives valuable insights into the current situation of the Euro. By understanding the potential for EUR to drop to 1.0770 and the key support levels to watch, investors can make informed decisions about their positions in the currency. This information is crucial for anyone involved in the forex market or those looking to diversify their investment portfolio. Stay informed, stay ahead.