EUR/USD outlook: key levels to watch as downtrend faces potential reve
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The EUR/USD pair has recently experienced mild downward pressure, though analysts from UOB Group, Quek Ser Leang and Lee Sue Ann, suggest a potential end to this decline if certain resistance levels are broken. The euro currently hovers near crucial support and resistance points, and its movement in the coming days may determine the trend for the weeks ahead.
EUR/USD Technical Overview
The euro has seen minor declines against the dollar, trading around 1.0790 to 1.0840 over recent sessions. Last week’s bounce provided a temporary respite for EUR/USD, but further advances were limited by resistance near 1.0840. According to UOB analysts, a break above this resistance level could signal the end of the downward trend that began earlier this month. On the flip side, strong support is noted around 1.0760 and 1.0740, with any declines unlikely to breach these levels in the near term.
Short-Term EUR/USD Movement
In the short term, EUR/USD is likely to stay range-bound. UOB’s 24-hour outlook suggests that while mild downward pressure remains, any movement below 1.0760 is unlikely. The euro may drift lower, but if it holds above this support level, it could signal consolidation and even the start of an upward push. For a bullish move, a break above 1.0825 would indicate fading selling pressure, potentially setting the stage for a test of 1.0840.
EUR/USD outlook: key levels to watch as downtrend faces potential reve
EUR/USD Technical Overview
The euro has seen minor declines against the dollar, trading around 1.0790 to 1.0840 over recent sessions. Last week’s bounce provided a temporary respite for EUR/USD, but further advances were limited by resistance near 1.0840. According to UOB analysts, a break above this resistance level could signal the end of the downward trend that began earlier this month. On the flip side, strong support is noted around 1.0760 and 1.0740, with any declines unlikely to breach these levels in the near term.
Short-Term EUR/USD Movement
In the short term, EUR/USD is likely to stay range-bound. UOB’s 24-hour outlook suggests that while mild downward pressure remains, any movement below 1.0760 is unlikely. The euro may drift lower, but if it holds above this support level, it could signal consolidation and even the start of an upward push. For a bullish move, a break above 1.0825 would indicate fading selling pressure, potentially setting the stage for a test of 1.0840.