The Euro maintains its upward trajectory against the US Dollar provided it holds above the critical 1.1405 support level, according to United Overseas Bank currency strategist Quek Ser Leang. In the immediate session, EUR/USD is expected to consolidate with marginal downside pressure, trading within a 1.1405 to 1.1450 range.
Looking ahead over the next one to three weeks, UOB maintains a constructive view on the Euro, though Quek notes that momentum toward the 1.1520 target level remains questionable. The bullish outlook hinges entirely on the pair defending the 1.1405 threshold, which now serves as the line in the sand for Euro bulls.
Traders and brokers should monitor price action around this support zone closely, as a breakdown could shift sentiment and trigger stops. Fintech platforms handling Euro transactions may see volatility contained within the stated range near term.
FXnCO Insight
Watch 1.1405 closely as your risk management anchor—a break below invalidates the bullish case and could accelerate Euro selling pressure.
Source: FXStreet