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Figure Heloc 
UOB economists Quek Ser Leang Lee and Sue Ann highlight that EUR/USD spiked to 1.1848 before reversing sharply, leaving the Euro looking overextended on the downside. They see scope for further weakness but expects firm support at 1.1715, with 1.1665 unlikely to be tested.
💡 DMK Insight
The EUR/USD’s recent spike to 1.1848 followed by a sharp reversal signals potential volatility ahead. Traders should note that while UOB economists see room for further weakness, the support level at 1.1715 is crucial. If the pair breaks below this level, it could trigger a cascade of selling, possibly testing the 1.1665 mark, which they deem unlikely but worth monitoring. This scenario could impact related assets like the DXY index, which often moves inversely to the Euro. Keep an eye on broader market sentiment and economic indicators, especially any shifts in U.S. monetary policy, as they could amplify movements in the EUR/USD. Here’s the thing: if you’re trading this pair, watch for any signs of consolidation around the support level. A bounce off 1.1715 could present a buying opportunity, while a decisive break could lead to a more aggressive bearish stance.
📮 Takeaway
Watch the 1.1715 support level closely; a break could lead to further downside, while a bounce might offer a buying opportunity.
