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Further Euro (EUR) weakness is not ruled out; any decline is unlikely to threaten the major support at 1.1490 today. In the longer run, the next level to watch is at 1.1490, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
💡 DMK Insight
EUR’s potential weakness could be a tactical opportunity for traders, especially with 1.1490 as a key support level. If the Euro dips further, it might test this support, which has held firm recently. A breach could trigger a wave of selling, leading to a more significant downtrend. Traders should keep an eye on broader economic indicators, like Eurozone inflation rates and ECB policy shifts, as these could influence the Euro’s trajectory. Additionally, if the Euro weakens, it might boost related assets like the USD, making it essential to monitor the EUR/USD pair closely. Watch for any significant news or data releases that could impact market sentiment, particularly around the 1.1490 level, as it could dictate short-term trading strategies. Remember, the market’s reaction to these levels often reveals the underlying sentiment, so be prepared for volatility around this support zone.
📮 Takeaway
Keep a close watch on the 1.1490 support level for EUR; a breach could signal a significant downtrend and impact related assets like USD.
