United Overseas Bank currency analysts Quek Ser Leang and Lee Sue Ann report the euro has extended its decline against the US dollar, touching 1.1324 before staging a modest recovery. The pair’s technical assessment suggests EUR/USD is now entering a consolidation phase, with the currency expected to trade within a tight range between 1.1330 and 1.1385 in the immediate term.
The downward momentum indicates continued dollar strength against the single currency, though the recent bounce suggests selling pressure may be temporarily exhausted at current levels. Traders should watch these technical boundaries closely as they represent key support and resistance zones that could determine the pair’s next directional move. A break below 1.1330 would signal further euro weakness, while a push above 1.1385 could indicate renewed buying interest in the single currency.
FXnCO Insight
EUR/USD traders should prepare for range-bound conditions between 1.1330-1.1385 and position for potential breakout opportunities at either boundary level.
Source: FXStreet