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Forex

EUR/USD Sees Further Downside Risk Amid Oversold Conditions

Guavy AI Editorial Team
Instruments
EUR
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UOB analysts Quek Ser Leang and Lee Sue Ann observed an unexpected sharp drop in EUR/USD last Friday, reaching as low as 1.1577 before closing at 1.1584.

The drop appears excessive, but the analysts see scope for further downside, though they doubt a quick test of the major support at 1.1550 due to oversold conditions.

According to UOB's analysis, the short-term resistance levels are at 1.1600 and 1.1625, which could cap any rebounds in the EUR/USD pair.

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