The Euro (EUR) is expected to experience a slight decline in the near future, but it is unlikely to break clearly below the major support zone of 1.0860/1.0885. According to analysts from UOB Group, there is a chance that the EUR may break below this support zone, but it remains to be seen if it can maintain a foothold below these levels. Despite the potential for a decline, it is unlikely that the EUR will drop significantly below the 1.0860 level.
In the short-term view, the EUR is predicted to edge lower, with a resistance level at 1.0900. However, due to mild momentum, any decline is unlikely to break clearly below 1.0860. The analysts note that there has been a slight increase in momentum, but the current downward pressure is not strong enough to cause a significant drop below the support zone of 1.0860/1.0885. A breach of 1.0915 would indicate that the current mild downward pressure has faded.
Looking ahead over the next 1-3 weeks, there is a chance that the EUR may break below the support zone of 1.0860/1.0885. However, it remains to be seen if it can maintain a foothold below these levels. The analysts suggest that the next support level below the support zone is at 1.0775, but the likelihood of the EUR declining to this level is currently low. On the upside, a breach of 1.0950 would indicate that the weakness in EUR that started earlier in the month has stabilized.
Overall, while there is a possibility of the EUR breaking below the major support zone of 1.0860/1.0885, the analysts from UOB Group believe that it is unlikely to drop significantly below this level. The current mild downward pressure is expected to keep the EUR in a relatively stable range, with resistance levels at 1.0900 and 1.0915. Any breach of these resistance levels could indicate a shift in the current trend of mild decline.
In conclusion, the EUR is expected to experience a slight decline in the near future, but it is unlikely to break clearly below the major support zone of 1.0860/1.0885. The analysts from UOB Group suggest that while there is a chance of the EUR breaking below this support zone, it remains to be seen if it can maintain a foothold below these levels. For now, the EUR is expected to remain relatively stable, with resistance levels at 1.0900 and 1.0915 indicating potential shifts in the current trend.
