Euro: Upside bias within defined range against US Dollar – UOB

UOB's analysts report that EUR/USD has remained steady around 1.1620 on Monday, indicating a slight increase in upward momentum. Within the next one to three weeks, the pair is projected to trade within a narrower range of 1.1585-1.1670, with resistance at 1.1670 unlikely to be breached decisively. Initially, EUR was seen trading in a 1.1595/1.1635 range, but it closed at 1.1621, showing a modest gain of 0.07%.

Despite the lack of dramatic price action, there has been a slight uptick in bullish sentiment. Today, EUR may rise further to test the 1.1640 level; however, any additional ascent is unlikely to challenge the major resistance at 1.1670. Support levels are forecasted at 1.1610 and 1.1600.