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23/10/24
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Economic Outlook: Euro Faces Downward Pressure, Key Support at 1.0770
The Euro (EUR) is experiencing moderate downward pressure, with expectations it may decline further; however, it is anticipated that the key support level at 1.0770 will hold firm. Analysts suggest that while the downward momentum in the Euro has not significantly improved, there remains a possibility for it to reach 1.0770 before showing signs of stabilization.
Recent analysis indicated a potential for the Euro to continue its downward trajectory following a sharp decline observed two days prior. It was noted that while the Euro fell to a low of 1.0792 and closed slightly lower at 1.0797, the momentum had a marginal increase. For the current trading session, a further decline is anticipated, yet it seems unlikely the Euro will breach the vital support level at 1.0770. Resistance levels to monitor are around 1.0815, with a break above 1.0830 suggesting that the current downward trend may be losing strength.
Looking further ahead, analysts have maintained a bearish outlook on the Euro since early this month. Despite the recent sharp drop, it was noted that the downside momentum has not markedly intensified. As long as the Euro remains above the strong support level at 1.0870, the outlook suggests it might test the 1.0770 support before any signs of recovery appear. Should the Euro fall decisively below this support, the next significant level to watch would be 1.0740, indicating deeper downward pressure may emerge.
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