Ella 
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24-hour view: Yesterday we thought the euro “could drop to 1.0900 before stabilizing.” In London trading hours, the euro fell to 1.0910 before bouncing back and closing flat (1.0944, +0.07%). EUR appears to be entering a consolidation phase and may trade within the 1.0920/1.0985 range today.
Next 1-3 weeks: Our update remains the same since yesterday (Aug 3rd market price 1.0940). As we highlighted, the euro gained momentum after breaking below strong support at 1.0920 on Wednesday (August 2), which could lead to a further fall to 1.0865. On the upside, a break above the ‘strong resistance’ level of 1.1020 (unchanged) would suggest that the euro’s decline that began in the middle of last week has stabilized.
