According to FX Strategists at UOB Group, the pair could find some stabilization only above 1.0640.
“The 1.0530 target indicated yesterday was exceeded as EUR dropped to a low of 1.0520. The subsequent sharp and strong rebound from the low suggests that EUR is trying to form a temporary base for a stronger recovery. For now, the current EUR strength appears to have scope to extend higher but 1.0640 is a strong resistance and is unlikely to yield so easily”.
“EUR exceeded the ‘short-term target’ of 1.0530 yesterday with a low of 1.0520. The sharp rebound from the low coupled with oversold conditions suggest that the current pullback (from the 1.0825/30 high two weeks ago) is trying to form a base. However, only a move back above 1.0640 would indicate that the current weakness has stabilized. Until then, another push lower to 1.0520/30 is not ruled out even though the odds for such a move have diminished considerably”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.