There is a chance for the Euro (EUR) to dip to 1.0790 before the risk of a more sustained rebound increases.
There is a chance for the Euro to dip to 1.0790 before the risk of a more sustained rebound increases. The major support at 1.0760 is unlikely to come under threat, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note. EUR may dip towards 1.0790 in short term 24-HOUR VIEW: “When EUR was trading at 1.0820 yesterday, we highlighted yesterday that ‘provided that EUR remains below 1.0845 , it could drop below 1.0800.’ We added, ‘the major support at 1.0760 is unlikely to come under threat.
0800 . EUR closed largely unchanged at 1.0815 . Downward momentum is slowing, but there is still a chance for EUR to dip to 1.0790 before the risk of a more sustained rebound increases. The major support at 1.0760 is still unlikely to come under threat. Resistance levels are at 1.0830 and 1.0845.” 1-3 WEEKS VIEW: “We highlighted yesterday that we continue to hold a negative EUR view, and the next level to focus on is 1.0760. There is no change in our stand. Overall, only a breach of 1.
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