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2025-07-31 17:48:37
[EUR/USD's Fall Continues? Key Support Levels and Long-Term Outlook Analysis] ⑴ UOB Group FX analysts suggest that the euro could test the key support level of 1.1380 against the dollar. ⑵ Although the market is severely oversold in the short term, the euro is unlikely to fall further below this level. ⑶ From a 24-hour perspective, the euro's sharp drop to 1.1404 against the dollar was surprising, but its deeply oversold condition was not unexpected. ⑷ The euro's current weakness has not yet stabilized. On July 31st (Beijing time), the euro may continue to fall to 1.1380. Further support below this level is at 1.1400. ⑸ Given the current oversold conditions, the euro is unlikely to fall below 1.1380 on a sustained basis. Above this level, resistance levels are at 1.1460 and 1.1490. ⑹ From a 1- to 3-week perspective, UOB turned bearish on the euro on July 29th, when the exchange rate was at 1.1595. 7. Analysts had previously suggested the euro could fall below the 1.1540/1.1555 support range. 8. Yesterday (July 30, spot price 1.1550), the euro quickly fell below 1.1500 and briefly dipped to 1.1399, closing down 1.22% at 1.1404. 9. UOB maintains its negative outlook on the euro, with 1.1350 being the next level to watch. 10. To maintain strong downward momentum, the euro must hold below 1.1550, with the previous "strong resistance" level at 1.1655.
