United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann have adopted a neutral stance on EUR/USD following a gap lower on Monday and subsequent recovery, noting that while there is potential for further rebound, gains are likely to be capped near 1.1805, with major resistance at 1.1840 [1]. Over the next 1–3 weeks, UOB projects EUR/USD to trade within a broad range of 1.1665 to 1.1840, emphasizing that upside momentum remains tentative [1].
In the 24-hour view, after the euro gapped lower, UOB highlighted that the sharp drop appeared overextended and expected firm support at 1.1715. However, the euro rebounded from 1.1726 to 1.1790, closing at 1.1787 (+0.21%) [1]. Despite the rebound, UOB does not anticipate the major resistance at 1.1840 to be threatened, and support is seen at 1.1760, with a breach of 1.1740 indicating fading upward pressure [1].
UOB revised its outlook from positive to neutral on April 20, stating that EUR/USD is likely to trade in a range for the time being, probably between 1.1665 and 1.1840. This view remains unchanged, and no clear increase in upward momentum has been observed [1].
No specific market reactions or analyst opinions beyond the neutral stance and technical projections were discussed in the article [1].
CONCLUSION
UOB strategists expect EUR/USD to remain range-bound with limited upside, projecting a trading range of 1.1665 to 1.1840 and capping gains near 1.1805. The market sentiment is neutral, with no clear signs of strong upward momentum. Overall, the market impact is expected to be low as EUR/USD consolidates within the defined range.