24-Hour Forecast: Analysts from UOB Group, Quek Ser Leang and Peter Chia, predict that the Euro (EUR) may test the 1.0995 level before the likelihood of a rebound increases. The EUR fell to 1.1014 yesterday and closed slightly lower at 1.1019, marking a 0.14% drop. Despite the slight increase in downward momentum, the EUR is expected to test 1.0995. A significant support level is identified at 1.0960, though it is not anticipated to be tested immediately. Key resistance levels are noted at 1.1045 and 1.1065.
1-3 Week Outlook: On September 9, with the EUR at 1.1085, it was suggested that the EUR might revisit the 1.1025 mark. By September 10, as the EUR traded at 1.1035, the analysis indicated a potential decline below 1.1025 to 1.0995. The EUR subsequently fell to 1.1014. Although there has been no significant acceleration in bearish momentum, a continued weakening is anticipated, with the next key level to monitor below 1.0995 being 1.0960. Only a rise above 1.1085, with stronger resistance at 1.1105, would negate the current bearish outlook.
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