UOB analysts see EUR/USD trading in a tight range, with modest upward potential but no sustained break above key resistance levels.
EUR/USD remains in a neutral stance after a sharp opening rise, with UOB analysts noting only modest upward momentum. The pair edged to a high of 1.1653 before settling at 1.1643, up 0.35% on the day.
Analysts expect the pair to trade between 1.1590 and 1.1685 in the coming weeks, with resistance at 1.1685 unlikely to be breached. Support levels are identified at 1.1635 and 1.1620, while a break below an ascending trendline could signal deeper downside.
The outlook suggests limited near-term volatility, with EUR/USD likely to hold within its defined range unless a clear breakout occurs.