Euro: Positive outlook hinges on 1.1280 against US Dollar - UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that EUR/USD rallied to 1.1272 before closing at 1.1227 as the US Dollar (USD) weakened on lower US yields.
UOB analysts Quek Ser Leang and Lee Sue Ann note that the EUR/USD currency pair surged to 1.1272 before settling at 1.1227, as the US Dollar weakened due to lower yields. They anticipate the pair will trade within a short-term range of 1.1205 to 1.1265. Looking ahead over the next 1-3 weeks, a break above 1.1280 could signal further gains, provided support at 1.1180 holds.
The previous day’s sharp rise in EUR led to speculation of upward momentum, with a potential test of 1.1250. While EUR climbed past expectations to 1.1272, it later retreated to close at 1.1227, marking a 0.30% gain. Currently, the immediate upward pressure has subsided, and the pair is likely navigating a range-trading phase between 1.1205 and 1.1265.
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