The EURO (EUR) is projected to oscillate within a range of 1.1000 to 1.0050 in the near term. Analysts believe that for the EUR to sustain a downtrend, it must not only dip below 1.1000 but also breach the critical support level at 1.0980.
In the last couple of days, EUR’s performance indicated a potential continuation of weakness. Following a previous prediction that any decline would be curbed around the 1.1030 level, the currency did indeed drop to a low of 1.1032 before closing slightly higher at 1.1031, reflecting a decrease of 0.13%. Although the bearish momentum appears to be waning and the currency seems oversold, there is currently no evidence suggesting a robust recovery. Market participants should anticipate EUR trading between the established support and resistance levels, with significant attention on the psychological level of 1.1000 and the next support at 1.0980.
Looking at a broader timeframe of one to three weeks, a pattern of increasing downward pressure has been evident. When the EUR was valued at 1.1065 earlier this month, it was noted that this momentum was likely indicative of forthcoming weakness. After breaking below the initial support of 1.1030 and reaching a low of 1.1006, the outlook remains pessimistic. Should the EUR break through 1.1000, the next critical support level to monitor will be 1.0980, followed potentially by 1.0935 if further declines occur. As long as the EUR stays below the resistance level of 1.1090, the overall sentiment will remain bearish.
