According to United Overseas Bank’s (UOB) Quek Ser Leang, the EUR/USD currency pair's momentum has flattened, with the Euro expected to trade in a narrow intraday range between 1.1395 and 1.1440. On Tuesday, the Euro fell to a low of 1.1407, and subsequently touched 1.1390 before recovering to close largely unchanged at 1.1414, representing a marginal gain of +0.03% [1].
UOB's analysis indicates that, despite the recent decline, downward momentum has not increased significantly. There is potential for the Euro to dip below 1.1390, but the major support at 1.1360 is not expected to be tested in the immediate term. Resistance is noted at 1.1420, with a breach of 1.1430 signaling an easing of downward pressure [1].
For the 1–3 week outlook, UOB has shifted from an earlier upside bias to a range-trading phase, expecting the Euro to fluctuate between 1.1360 and 1.1450. Over a 1–3 month horizon, a break below the 1.1390/1.1410 support zone could open the way for a move towards 1.1210 [1].
No significant market reaction or analyst opinions beyond UOB's technical outlook are discussed in the source article [1].
CONCLUSION
The Euro is currently locked in a range against the US Dollar, with UOB highlighting key support and resistance levels. Market momentum appears neutral, and no major directional move is anticipated unless the support zone is breached. The overall market impact is assessed as low based on the current technical outlook.