The Euro (EUR) could decline further, but it is not clear for now if it can break the significant support level at 1.0640.
The Euro could decline further, but it is not clear for now if it can break the significant support level at 1.0640. But if it breaks below this level, a sustained EUR decline is possible, UOB Grpup analysts note. EUR to stabilize above 1.0730 24-HOUR VIEW: “Two days ago, EUR fell to 1.0689 and then rebounded. Yesterday, we pointed out that ‘there has been a slight increase in momentum.’ We indicated that EUR ‘could dip below the 1.0689 low, but the major support at 1.
Note that 1.0665 is still a rather strong support level. Resistance is at 1.0695; a breach of 1.0710 would mean that the weakness in EUR has stabilised.” 1-3 WEEKS VIEW: “Our latest narrative was from two days ago , wherein EUR ‘has likely entered a consolidation phase and it is likely to trade between 1.0670 and 1.0800.’ Yesterday, EUR fell to a low of 1.0664. Downward momentum is building again, but at this stage, it does not appear to be enough to suggest the start of a sustained decline.
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