The euro pushed through its recent consolidation range against the US dollar, settling near 1.1675 with early signs of bullish momentum building, according to United Overseas Bank currency strategists Quek Ser Leang and Lee Sue Ann. The pair broke free from tight trading boundaries that had constrained movement in recent sessions, signaling a potential shift in near-term direction.
UOB analysts are now targeting 1.1725 as the next upside level for EUR/USD, suggesting the current breakout could extend gains if momentum sustains. The move comes as traders reassess positioning following the range-bound period, with technical indicators pointing toward further euro strength in the immediate term.
Currency traders and forex brokers should monitor whether the pair can hold above the breakout level, as failure to maintain elevation could trigger renewed consolidation. The 1.1675 area now represents key support, while a clean move through 1.1700 would reinforce the bullish case toward UOB’s 1.1725 target.
FXnCO Insight
Watch for sustained closes above 1.1675 to confirm breakout validity before positioning for the 1.1725 target level.
Source: FXStreet