The Euro (EUR) faces potential weakness in the near term, though it is unlikely to fall significantly below the 1.0815 support level, according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
24-Hour Outlook:
Yesterday, a tentative buildup in downward momentum for the EUR was observed. The expectation was for a weaker Euro, but any decline was anticipated to stay above 1.0815. The EUR did fall but rebounded from a low of 1.0824, closing at 1.0839, down by 0.11%. Despite a slight downward trend, the EUR is not expected to breach the 1.0815 support level significantly today. Immediate resistance levels are at 1.0855 and 1.0865.
1-3 Weeks Outlook:
The analysis from July 24, when the EUR was at 1.0850, remains relevant. Although there is a build-up of downward momentum, it is not substantial enough to indicate a major decline. The EUR is anticipated to trade with a downward bias, but the 1.0815 level is expected to hold firm. The downward trend will persist as long as the EUR does not rise above 1.0890 (with previous strong resistance at 1.0905). Should the EUR fall below 1.0815, the next support level to watch will be 1.0760.
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