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A decisive break below 1.0750 to open door to targeting 1.04-1.05 zone – MUFG

What’s next for EUR/USD

MUFG Research discusses EUR/USD outlook and flags a scope for further weakness in the near-term. 

The EUR remains vulnerable to further weakness in the near-term.
A further modest improvement in business confidence in the euro-zone
PMI surveys for February has brought some temporary relief. The negative
impact from COVID-19 on business confidence appears limited so far.
However, we remain unconvinced that the recent improvement can be
sustained,” MUFG notes. 

EUR/USD is now approaching a key long-term support level
which comes in at 1.0750. A decisive break below would open the door to
another leg lower for the EUR towards the lows put in place back in late
2016/ early 2017 between 1.0400 and 1.0500
,” MUFG adds.

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