EUR/USD eyes on major support at 1.0820 – UOB

In opinion of the research team at UOB Group, the current decline in EUR/USD could allow a visit of the 1.0820 support.

Key Quotes

“EUR broke several key supports last Friday and dropped to a low of 1.0905/10”.

“The short-term rebound from the low appears to be corrective in nature and a break below 1.0905/10 could lead to further drop to the very strong support level of 1.0820/25 (low last seen in March)”.

“Resistance is at 1.1170 but only a move 1.1300 would indicate that an interim low is in place (key levels are far apart after the volatile move last Friday)”.