Euro: Mild downside bias within range against US Dollar – UOB

UOB’s Quek Ser Leang and Lee Sue Ann report EUR/USD closed almost unchanged near 1.1625 after a brief spike to 1.1660. They see slightly stronger downside momentum that could test 1.1610, though a move to the key 1.1590 support is viewed as unlikely for now. Over 1–3 weeks, they keep a neutral stance, expecting a 1.1590–1.1685 range.

Euro pressured but still rangebound

"24-HOUR VIEW: During the London session, EUR briefly popped to a high of 1.1660 and then dropped back down to 1.1621. EUR closed largely unchanged at 1.1624 (-0.03%). The slight increase in downward momentum suggests that EUR could edge lower toward 1.1610 today. A break below this level is not ruled out, but based on the current momentum, any further declines are unlikely to reach the major support at 1.1590. Resistance is at 1.1640; a break above 1.1655 would indicate that the current mild downward pressure has eased."

"1-3 WEEKS VIEW: We turned neutral on EUR on Monday (25 May, spot at 1.1620), and we were of the view that it “is likely to trade between 1.1590 and 1.1685.” Since then, EUR has traded mostly in a range, and there is no change in our view"

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)