UOB strategists Quek Ser Leang and Lee Sue Ann report that the EUR/USD currency pair briefly overshot to 1.1754 before closing unchanged near 1.1720, reinforcing a range-trading bias in the market [1]. Intraday, the Euro is expected to hold between 1.1695 and 1.1745, with the strategists noting that the earlier downside momentum has faded after resistance at 1.1750 was breached [1].
For the coming weeks, UOB expects consolidation between 1.1665 and 1.1765, indicating that the EUR/USD is likely to remain within this band rather than trending strongly in either direction [1]. The strategists had previously highlighted that downward momentum had increased, but the recent price action—specifically the break above the strong resistance at 1.1750—suggests that the pair has entered a consolidation phase [1].
No significant market-moving reactions or analyst opinions regarding broader market implications were discussed in the article. The focus remains on the defined trading range and the fading of previous downside momentum [1].
CONCLUSION
EUR/USD is expected to consolidate within a defined range as downside momentum has diminished, according to UOB strategists. The market is likely to remain in a range-trading phase between 1.1665 and 1.1765 in the coming weeks, with no clear directional bias at present.