The euro (EUR) may decline to 1.0430 against the US dollar (USD) before staging a recovery, with strong support at 1.0415 expected to hold, according to analysts Quek Ser Leang and Peter Chia of UOB Group.
Short-Term Outlook
In the past 24 hours, the euro fell to 1.0434, closing at 1.0445 (-0.35%). Despite the drop, momentum remains weak, suggesting only a limited downside. Analysts anticipate a brief dip to 1.0430 before a rebound, with key resistance levels at 1.0465 and 1.0485.
Medium-Term Projections
The broader outlook remains positive, with a technical target of 1.0530. The euro previously climbed to 1.0514 before pulling back, and while momentum has softened, a break below 1.0415 would be necessary to invalidate the bullish forecast.
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