Created
: 2024.11.07
2024.11.07 17:49
As long as 1.0800 is not breached, the Euro (EUR) 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.
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.' However, EUR plunged through 1.0780 and dropped further to 1.0681. EUR closed at 1.0728, lower by a whopping 1.85%. After the frenetic price action yesterday, EUR is likely to settle into a more moderate range today. Overall, as long as 1.0800 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 (01 Nov, spot at 1.0885), 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 (Wednesday). EUR reversed abruptly and nosedived, reaching a low of 1.0681. During this move, it broke a significant weekly support level near 1.0740. The price action suggests further EUR weakness. The support levels to watch are 1.0665 (low in Jun) and the year-to-date low of 1.0600 in April. For the coming few days, any rebound is likely to remain below the 'strong resistance' level, currently at 1.0870."
Created
: 2024.11.07
Last updated
: 2024.11.07
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy