The euro edged higher against the US dollar closing at 1.1551 with United Overseas Bank currency analysts Quek Ser Leang and Lee Sue Ann noting mild upward momentum remains in play for the pair. The Singapore-based bank’s assessment indicates EUR/USD could test resistance at 1.1565 during intraday trading sessions, though strategists caution that breaking through to the psychologically significant 1.1600 level appears improbable without a meaningful acceleration in buying pressure.
The incremental gains come as the currency pair maintains a modest upside bias, though the lack of conviction in the move suggests traders remain cautious about extending euro positions at current levels. Foreign exchange market participants will be monitoring whether the pair can establish a firm close above the 1.1565 resistance level, which would be necessary to shift near-term technical dynamics more decisively in favor of euro bulls.
FXnCO Insight
EUR/USD traders should wait for a confirmed close above 1.1565 before adding long positions, as current momentum lacks the strength needed to push through 1.1600 resistance.
Source: FXStreet