The euro has pulled back to 1.1524 against the US dollar after multiple failed attempts to break through resistance near 1.1560, according to United Overseas Bank currency strategists Quek Ser Leang and Lee Sue Ann. The pair warns traders should anticipate additional downside pressure during current trading sessions, though they maintain a critical support level at 1.1495 is likely to hold firm for now.
UOB’s analysis suggests the euro’s broader upside momentum remains contingent on EUR/USD successfully breaching the 1.1565 threshold. Until that technical barrier is cleared, the currency pair appears vulnerable to continued consolidation or modest declines. The bank’s outlook indicates traders should monitor the 1.1495 support zone closely, as a breakdown below this level could signal deeper losses ahead. Conversely, a decisive move above 1.1565 would validate bullish positioning and potentially unlock further gains for the single currency.
FXnCO Insight
Watch 1.1495 support for long entries with stops below, but wait for confirmed breaks above 1.1565 before adding aggressive euro exposure.
Source: FXStreet