Forex
Euro Support Levels in Focus as EUR/USD Fails to Break Key Threshold
The Euro has been facing support at 1.1565 against the US Dollar, according to UOB's Quek Ser Leang.
As of last Thursday, EUR/USD slipped to a low of 1.1591 before rebounding to close near 1.1598 on Friday, down by 0.10%.
Intraday, the Euro is expected to test major support at 1.1565, but a clear break below this level appears unlikely.
A close below 1.1585 would raise odds of 1.1565 giving way on a 1-3 week horizon, making it essential for traders to keep an eye on this key level.