Euro: Rebound capped by nearby resistance against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that EUR/USD has bounced strongly from 1.1573 after an excessive selloff, but momentum remains subdued. Intraday, the Euro (EUR) is expected to hold within 1.1595–1.1640.
UOB analysts Quek Ser Leang and Lee Sue Ann note that EUR/USD has rebounded after a sharp decline, now hovering around 1.1595-1.1640. Over the next few weeks, downside risks could push the pair towards 1.1550, but the strong support level at 1.1550 may not be tested immediately due to oversold conditions. If the pair breaches 1.1650, it could indicate that the 1.1550 support is no longer relevant.
In the short-term, EUR is expected to trade within this range, but without clear momentum increase, further rebound remains uncertain.
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