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EUR/USD: Likely to drop to 1.1585 before stabilization can be expected – UOB Group
Key Takeaways (30s Read)
The Euro is likely to drop to 1.1585 before stabilization occurs.
According to UOB Group's FX analysts, Quek Ser Leang and Lee Sue Ann, the Euro (EUR/USD) is likely set to drop to 1.1585, which may lead to some stabilization. However, this level reflects a significant drop, with the major support at 1.1560 remaining secure at this moment. It is anticipated that weakness in the Euro is resuming, suggesting further declines could continue. Amid global economic indicators and market sentiment affecting the Euro, investors should remain vigilant of its movements and consider cross-currency rates for strategies effectively.
AI Analyst
AI Opinion
"The latest analysis on the Euro suggests a potential drop to the 1.1585 level, indicating further weakness may be on the horizon. While some stabilization is anticipated at this level, underlying weakness is expected to persist longer-term. For investors, it is crucial to understand that while the support level of 1.1560 seems secure at present, the risks are increasing. Additionally, EUR/USD is sensitive to overall market sentiment, and forthcoming economic indicator releases may impact this currency pair significantly. A cautious approach towards Euro positions is advisable."
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