According to United Overseas Bank’s (UOB) Quek Ser Leang, the EUR/USD currency pair experienced a sharp rise last week, closing higher by 1.41% before entering a consolidation phase. The Euro attempted to sustain gains above 1.1558 but failed, subsequently closing at 1.1507, down 0.17% on the day [1]. Intraday, the Euro is expected to trade within a range of 1.1485 to 1.1540, with significant resistance identified at 1.1565. UOB notes that a close above this resistance could open the way for further gains toward 1.1600 [1].
On the downside, the analysis highlights that the Euro must hold above 1.1495 to maintain upward momentum, with minor support at 1.1510. The longer-term outlook suggests that a break below the 1.1390/1.1410 area would target 1.1210 [1].
UOB’s view remains that the recent rapid rise in the Euro may be running ahead of itself, but there is still a chance for the currency to test the 1.1565 resistance level. The 'strong support' level is set at 1.1455, and the bullish outlook is maintained as long as this support is not breached [1].
No specific market reactions or analyst opinions beyond UOB’s technical outlook are provided in the article.
CONCLUSION
The Euro is currently consolidating after a notable rally, with traders watching the 1.1565 resistance level for a potential upside trigger. UOB maintains a cautiously optimistic stance, provided key support levels hold. Market participants are likely to remain range-bound in the near term, awaiting a decisive move above or below the highlighted technical levels.