The probability of a visit to the 1.1500 area appears to have lost some momentum for the time being, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “Expectation for sideway trading yesterday was wrong as EUR dropped to a low of 1.1507 before staging a swift and robust recovery to hit an overnight high of 1.1633. While the rebound appears to be running ahead of itself, there is scope for a test of the 1.1645/50 resistance. At this stage, a move beyond the next resistance at 1.1680 is not expected. Support is at 1.1575 followed by 1.1540. The 1.1507 low is not expected to come into the picture for now”. Next 1-3 weeks: “We have held the same view since Wednesday (20 Jun, spot at 1.1585) that “a dip below 1.1505 not ruled out but weakness is unlikely to be sustained”. EUR briefly touched 1.1507 yesterday before staging a robust recovery. The price action reinforces our view that EUR is not ready to reenter a bearish phase just yet. That said, only a break back above 1.1680 (‘key resistance’ level remains unchanged) would indicate that the current downward pressure has eased. Until then, there is still risk for a dip below 1.1505 but the prospect for such a move is not high now”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Not all OPEC members likely to accept proposal of 1 mln bpd output hike – Reuters FX Street 5 years The probability of a visit to the 1.1500 area appears to have lost some momentum for the time being, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: "Expectation for sideway trading yesterday was wrong as EUR dropped to a low of 1.1507 before staging a swift and robust recovery to hit an overnight high of 1.1633. While the rebound appears to be running ahead of itself, there is scope for a test of the 1.1645/50 resistance. At this stage, a move beyond the next resistance at 1.1680 is not expected. Support is at 1.1575 followed by 1.1540. The… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.