Analysts at UOB Group foresee the Euro (EUR) likely maintaining a trading range, anticipated to fluctuate between 1.0665 and 1.0715 in the near term. The overall bias remains tilted towards the downside, contingent on a clear breach below the 1.0665 support level for further declines to materialize.
24-Hour View:
Following recent trading patterns, the EUR, last seen around 1.0705, demonstrated a potential for continued weakness. Despite this, the currency pair found support around 1.0668 before closing near 1.0691, marking a marginal decline of 0.08%. The analysts noted a slowdown in downward momentum, suggesting limited scope for substantial weakening. Today’s outlook suggests EUR is likely to consolidate within a range, expectedly between 1.0665 and 1.0715.
1-3 Weeks View:
In the broader view over the past weeks, EUR exhibited signs of downward momentum, prompting considerations of a retest towards the critical 1.0665 level from a spot of 1.0735. However, sustaining a decline below this threshold appeared less probable. As of last Friday, EUR edged closer to this level, touching a low of 1.0668. Despite the prevailing downside bias, analysts stress the necessity for a definitive breach below 1.0665 to substantiate further declines, with 1.0630 identified as the subsequent support level. Conversely, a breakthrough above 1.0740 would signify a waning bearish sentiment.
The analysis underscores a cautious stance on EUR trading dynamics, highlighting critical support and resistance levels pivotal for directional cues in the near to medium term.
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