Euro: Support at 1.1565 watched against US Dollar – UOB
UOB’s Quek Ser Leang highlights that EUR/USD slipped to 1.1568 before rebounding to close near 1.1598, with downside momentum still limited. Intraday, the Euro (EUR) is expected to test major support at 1.1565 but a clear break is seen as unlikely, with resistance at 1.1605 and 1.1620.
Euro (EUR) was trading at 1.1565 against the US Dollar (USD) on Thursday, according to UOB's Quek Ser Leang. The EUR/USD pair initially slipped to 1.1568 but quickly rebounded to close near 1.1598, indicating limited downside momentum. Technical analysts observed that EUR was expected to test the major support level at 1.1565, with resistance levels at 1.1605 and 1.1620.
Over the next one to three weeks, a close below 1.1585 would increase the likelihood of EUR breaching 1.1565. While downward momentum appeared insufficient to trigger a sustained decline, EUR could potentially test the 1.1565 support level. Resistance was identified at 1.1605, followed by 1.1620. Looking further ahead, the next target for EUR support was noted at 1.1535.
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