Room for the Euro (EUR) to test the major support at 1.0760 before a recovery can be expected, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

May try to test 1.0760

24-HOUR VIEW: "Our view for EUR to trade sideways yesterday was incorrect. Instead of trading sideways, it fell to 1.0775 before closing at 1.0791 (- 0.31%). Downward momentum has increased, albeit not much. Today, there is room for EUR to test the major support at 1.0760 before a recovery can be expected. A sustained break below this level seems unlikely. The next support at 1.0745 is also unlikely to come under threat. Resistance levels are at 1.0805 and 1.0820."