The euro is showing renewed weakness against the US dollar after failing to hold above 1.1460, according to analysis from UOB currency strategists Quek Ser Leang and Lee Sue Ann. The pair has retreated with building downside momentum, though analysts believe the key support level at 1.1360 remains out of reach in the immediate term.
Over the next one to three weeks, UOB expects EUR/USD to consolidate within a defined 1.1360 to 1.1450 trading range. The outlook suggests limited directional conviction in the near term, with the currency pair trapped between technical levels as momentum struggles to break either boundary decisively.
The analysis points to a bearish bias developing in euro positioning, though the move lower appears measured rather than aggressive. Traders should watch for any breaks outside this established range as potential triggers for more substantial directional moves.
FXnCO Insight
Focus on range boundaries at 1.1360 support and 1.1450 resistance for near-term EUR/USD trading opportunities, with downside bias favoring short positions on rallies toward the upper limit.
Source: FXStreet