As long as 1.0800 is not breached, the Euro (EUR) could drop to 1.0665 before stabilisation can be expected.
As long as 1.0800 is not breached, the Euro could drop to 1.0665 before stabilisation can be expected. In the longer run, price action suggests further EUR weakness; the levels to watch are 1.0665 and 1.0600, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note. EUR can drop to 1.0665 before stabilisation 24-HOUR VIEW: “After EUR dropped sharply in early Asian trade yesterday, we indicated that ‘The sharp drop could extend but is unlikely to break the major support at 1.0780.
0800 is not breached, EUR could drop to 1.0665 before stabilisation can be expected. A sustained break below this level seems unlikely.” 1-3 WEEKS VIEW: “Our most recent narrative was from last Friday , wherein ‘upward momentum is beginning to build, but any advance in EUR is likely to face significant resistance at 1.0935.’ EUR tested the significant resistance on Tuesday, reaching a high of 1.0936. Yesterday . EUR reversed abruptly and nosedived, reaching a low of 1.0681.
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