The Euro (EUR) has potential to test the major support level at 1.0760 before bouncing back, according to analysts from UOB Group FX. The 24-hour view suggests that there is room for the EUR to drop to 1.0760 before a recovery is anticipated, with resistance levels at 1.0805 and 1.0820. The 1-3 weeks view indicates a negative stance on the EUR, with a possibility of dropping further to 1.0760, although a breach of 1.0870 could change this scenario. The analysts note that there is strong support at 1.0745 if the EUR breaks below 1.0760, while the resistance level has been adjusted to 1.0850.
In the short term, EUR may experience downward momentum with a potential test of the major support level at 1.0760. Despite the possibility of a drop to this level, a sustained break below is deemed unlikely, with the next support level at 1.0745 also expected to hold. Resistance levels are identified at 1.0805 and 1.0820, indicating potential barriers for any upward movement. The 24-hour view suggests that EUR could fall further before a recovery is anticipated, with downward momentum showing signs of increase in the near term.
Looking ahead over the next 1-3 weeks, the view on EUR remains negative, with a possibility of further decline towards 1.0760. However, the analysts highlight that a breach of 1.0870 could change this outlook, potentially pushing the EUR higher. With a support level at 1.0745 below 1.0760, there are strong indications of a potential rebound from these levels. On the upside, a strong resistance level has been adjusted to 1.0850, suggesting a potential barrier for any bullish movements in the EUR in the coming weeks.
Overall, the EUR is poised to test the major support level at 1.0760 in the short term, with the potential for a rebound once this level is reached. The analysts from UOB Group FX highlight the resistance levels at 1.0805 and 1.0820 as key levels to watch for any upward movement in the EUR. In the longer term, a negative stance on the EUR remains, with a possibility of further decline towards 1.0760. However, a breach of 1.0870 could change this outlook and signal a potential reversal in the EUR’s direction.
