The euro is trading in a neutral pattern against the dollar following Monday’s price action that saw the pair reverse from a low of 1.1606 before settling at 1.1630, according to UOB currency strategists Quek Ser Leang and Lee Sue Ann. The analysts expect EUR/USD to trade sideways in today’s session within a tight intraday range between 1.1610 and 1.1660 as the currency pair lacks directional momentum. The broader consolidation band of 1.1590 to 1.1685 continues to hold, suggesting neither bulls nor bears have established control. This range-bound behavior indicates limited volatility for the major currency pair in the immediate term, with no clear breakout signals emerging from technical levels.
FXnCO Insight
Forex traders should position for range-trading strategies on EUR/USD rather than directional bets, watching the 1.1610 and 1.1660 levels for intraday scalping opportunities while remaining alert for any breakout beyond the 1.1590–1.1685 boundaries that could signal a trend shift.
Source: FXStreet