EUR/USD May Undergo Deeper Corrective Pullback -- Market Talk

Dow Jones
2025/05/09

0257 GMT - The EUR/USD may undergo a deeper corrective pullback after its break below a key daily support zone, says Quek Ser Leang of UOB's Global Economics & Markets Research in a report. According to the daily chart, the currency pair dropped below the support zone of between 1.1215 and 1.1225 on Thursday, suggesting the recent high of 1.1573 could be an interim top, the markets strategist says. The pullback could extend toward the 55-day exponential moving average, which is currently at 1.1050, the strategist says. On the upside, 1.1400 is a strong near-term resistance level, the strategist adds. EUR/USD is down 0.1% at 1.1213. (ronnie.harui@wsj.com)

 

(END) Dow Jones Newswires

May 08, 2025 22:57 ET (02:57 GMT)

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