EUR/USD: Risk of closing below 1.1615 remains intact – UOB Group

💡 DMK Insight

The Euro’s critical support level at 1.1615 is pivotal for traders right now. If it breaks and closes below this mark, we could see a swift move down to 1.1585, which would signal a bearish trend. This scenario aligns with broader market sentiment, where the Euro faces pressure from potential interest rate hikes by the ECB, contrasting with the Fed’s stance. Traders should keep an eye on the daily chart for confirmation of this breakdown. A close below 1.1615 could trigger stop-loss orders and further selling, amplifying the downward momentum. On the flip side, if the Euro holds above this level, it could indicate a consolidation phase, potentially leading to a rebound. Watch for any economic data releases from the Eurozone that could influence this dynamic, as they might provide the volatility needed to break through these levels.