Euro: Upside bias hinges on 1.1565 break against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann report EUR/USD has retreated to 1.1524 after failing several times near 1.1560. Intraday, they see scope for further pullback but expect strong support at 1.1495 to hold.
Euro pairs (EUR/USD) have seen a retreat to 1.1524, failing to break through the 1.1560 level multiple times. Analysts from United Overseas Bank (UOB), Quek Ser Leang and Lee Sue Ann, view a further pullback as possible in the short term, but expect strong support at 1.1495 to hold. If EUR closes above 1.1565 within the next 1-3 weeks, it could open the way towards the 1.1600 level.
Conversely, a break below 1.1495 would signal a shift into range trading. Despite initial optimism, the bank's earlier predictions proved incorrect. Currently, EUR appears to be struggling to maintain a foothold above 1.1565, with resistance at 1.1600 considered unlikely. The key support levels remain at 1.1495 and 1.1510. Over the past few days, EUR has tested 1.1560 three times but has failed to surpass this level, indicating a potential slowdown in upward momentum.
Traders should keep a close eye on the USD's strength, as it remains a significant factor influencing EUR's performance.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written; read the original for the full account.