Euro: Gains capped below key resistance against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note EUR/USD has stalled after last week’s surge, with flat momentum pointing to a 1.1530–1.1560 intraday range.
UOB analysts have noted that EUR/USD has hit a plateau following last week's uptick, with trading currently confined within a range of 1.1530–1.1560. The next 1–3 weeks will likely see the Euro require a close above 1.1580 to aim for 1.1600 and higher. Currently, support is at 1.1515, up from the previous 1.1495. Over the past 24 hours, EUR moved modestly between 1.1539 and 1.1569, closing at 1.1542, slightly down 0.14%.
Momentum indicators suggest a flat trend, with the market expected to trade within the 1.1530–1.1560 range today. Earlier this week, there was optimism that EUR could test the significant resistance at 1.1565, but it has struggled to break above this level. There has been no substantial upward momentum, and the challenge for further gains has increased, now requiring EUR to close above 1.1580 before a move to 1.1600 and beyond becomes plausible.
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