EUR/USD is unlikely to break above the major resistance at 1.1680 – UOB Group

Euro (EUR) could rise gradually, but it is unlikely to break above the major resistance at 1.1680. In the longer run, for the time being, EUR is likely to trade between 1.1585 and 1.1680, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

EUR is likely to trade between 1.1585 and 1.1680

24-HOUR VIEW: "EUR traded between 1.1616 and 1.1651 yesterday, narrower than our expected range of 1.1605/1.1650. There has been a tentative buildup in upward momentum, and EUR could rise gradually today. However, EUR does not appear to have enough momentum to break above the major resistance at 1.1680. Note that there is another resistance level at 1.1665. Support is at 1.1630, followed by 1.1620."

1-3 WEEKS VIEW: "Our update from yesterday (27 Oct, spot at 1.1630) still stands. As indicated, 'the current price movements are likely part of a range-trading phase, and for the time being, we expect EUR to trade between 1.1585 and 1.1680'."