EUR/USD remains weak and targets 1.0805 – UOB By pabspiovano EURUSD Currencies Majors Banks
24-hour view: “Last Friday, we highlighted that ‘rapidly improving downward momentum suggests EUR could break the major support at 1.1000’. We added, ‘the next support below this level is at 1.0965’. While our view for a weaker EUR was not wrong, we did not anticipate the outsized sell-off as it nose-dived by 1.25% , its biggest 1-day drop since Mar 2020. EUR extended its decline during early Asian hours and further decline appears likely. The next support is a major level at 1.0805.
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