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)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.