Analysts from UOB Group, Quek Ser Leang and Peter Chia, suggest that the Euro (EUR) may have the potential to rise above the 1.1200 mark, although they caution that it may lack sufficient momentum to reach 1.1230 today.
Short-Term Outlook:
Following a significant drop two days ago, the EUR experienced a robust rebound, climbing to 1.1180. Previously, forecasts indicated the possibility of further decline to around 1.1080, but this outlook was quickly dismissed as the currency showed resilience. Today, while there is potential for the EUR to surpass 1.1200, it is unlikely to achieve the 1.1230 target due to insufficient upward momentum. Key support is identified at 1.1165, with a breach of 1.1145 indicating a potential loss of the current upward pressure.
Medium-Term Perspective:
Two days ago, the EUR had plunged sharply, prompting predictions of further declines; however, the currency swiftly reversed direction, rising to 1.1180. Although recent volatility has complicated the outlook, the current short-term momentum indicates that the EUR could aim for 1.1230. For sustained upward movement towards 1.1275, the EUR must clearly break above the 1.1230 threshold. The upward trend remains valid as long as the currency stays above 1.1110.
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