The Euro (EUR) is likely to trade in a range, probably between 1.0790 and 1.0830. If the EUR breaks above 1.0840, it would signal the end of the decline that began earlier this month, say UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
EUR may break above 1.0840
24 HOUR VIEW: “Yesterday we highlighted that the EUR ‘is under slight bearish pressure.’ We also highlight that ‘downside is likely, but any decline is unlikely to break support at 1.0760, and there is another support level at 1.0775.’ The EUR fell less than expected as it rebounded from a low of 1.0780. The bearish pressure has faded, and today, the EUR is likely to trade in a range, probably between 1.0790 and 1.0830.”
1-3 WEEK VIEW: “We continue to maintain the same view as last Friday (October 25, pair at 1.0825). As highlighted, if the EUR breaks above 1.0840, it would signal the end of the decline that began early this month. Until then, there is still a chance for the EUR to fall further. That said, there are a couple of strong support levels at 1.0760 and 1.0740.”
Source: Fx Street
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