EUR/USD Shows Potential for Further Decline, but Gradual Pace,..

According to a research report by Quek Ser Leang, a market strategist at UOB Global Economics & Markets Research, there is potential for further decline in the EUR/USD based on technical analysis. In the previous week, the currency pair broke below the July low of 1.0832 and briefly fell below the 55-day exponential moving average, which was around 1.0790 at the time, as noted by Quek. However, it's important to highlight that the downward momentum of EUR/USD hasn't intensified significantly, and the descent is approaching levels that are typically considered oversold. As a result, any further decline is expected to occur at a relatively gradual pace. Quek also mentions that the next notable support level lies near the late May low of approximately 1.0635. Currently, EUR/USD is showing a slight increase of 0.1%, trading at 1.0811.

EURUSD BUY 1.0800 - 1.0790 🔼🔼

✅TP: 1.0830

🚫SL: 1.0760