EUR/USD: The level to monitor is 1.0400– UOB Group
The Euro (EUR) could break the significant support at 1.0450; the next technical target at 1.0400 is likely out of reach for the time being. In the longer run, EUR weakness has resumed; the levels to monitor are 1.0450 and 1.0400, UOB Group’s FX strategists Quek Ser Leang and Lee Sue Ann note.
EUR weakness has resumed
24-HOUR VIEW: “Our view for EUR to trade in a range yesterday was incorrect, as it plummeted to a low of 1.0461, closing on a weak note at 1.0473 (- 0.66%). The strong momentum is likely to outweigh the oversold conditions. Today, EUR could break the significant support at 1.0450. The next technical target at 1.0400 is likely out of reach for the time being. On the upside, any recovery is expected to remain below 1.0530, with minor resistance at 1.0505.”
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