EUR/USD risks a deeper pullback below 1.0470 – UOB By pabspiovano EURUSD Currencies Majors Banks
24-hour view: “Yesterday, we highlighted that EUR ‘could edge lower but any weakness is expected to encounter support at 1.0500’. EUR did not quite ‘edge lower’ as it plummeted to 1.0500, rebounded quickly to 1.0576 before dropping back down to close slightly lower at 1.0511 . Despite the choppy price actions, the underlying tone has softened and the bias for today is on the downside. However, the chance of EUR breaking the major support at 1.0470 is not high. Resistance is at 1.
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