Euro (EUR) could continue to weaken; any decline is likely limited to a test of 1.1030. In the longer run, rapid buildup in downward momentum is likely to lead to EUR weakness; levels to monitor are 1.1030 and 1.1000, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Levels to monitor are 1.1030 and 1.1000
24-HOUR VIEW: “We detected ‘a slight increase in downward momentum’ yesterday. We expected EUR to drift lower, but we held the view that ‘any decline is likely limited to a test of 1.1105.’ In a surprising move, EUR fell sharply, easily breaking below 1.1105. It also breached the major support at 1.1060, reaching a low of 1.1044. While oversold, the decline has not stabilised. Today, EUR could continue to weaken, but this time around, any decline is likely limited to a test of 1.1030. The major support at 1.1000 is unlikely to come under threat. Resistance levels are at 1.1085 and 1.1110.”
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