Key Moments
- UOB analysts see mild upward pressure on EUR/USD, with gains likely capped near 1.1840.
- Key resistance is flagged at 1.1860, while the pair needs to stay above 1.1785 to maintain bullish bias.
- Downside risk is seen fading unless EUR/USD breaks and holds below 1.1765 in the next 1-2 days.
UOB’s Short-Term View on EUR/USD
Analysts Quek Ser Leang and Lee Sue Ann at UOB describe the current backdrop for the Euro against the US Dollar as one of modest upward pressure, with scope for a test of higher levels but within a constrained range. Their assessment highlights a potential move toward 1.1840, while signaling that stronger resistance nearby is unlikely to be breached for now.
According to their analysis, the Euro needs to remain above an identified support threshold to keep this mild bullish tone intact, underscoring the importance of specific price levels in the short-term technical setup.
Intraday Trading Levels and Bias
The analysts outline their near-term expectations for EUR/USD as follows:
“Today, EUR could edge higher, but given the lackluster momentum, any advance is likely limited to a test of 1.1840. The next resistance at 1.1860 is unlikely to come under threat. To sustain the mild upward pressure, EUR must hold above 1.1785, with minor support at 1.1800.”
These remarks point to a cautious upside bias, with clearly defined resistance and support levels framing the anticipated trading range.
Downside Risk and Range-Trade Scenario
On the downside, the analysts note that selling pressure has been easing and set out a key level that would need to be broken to revive a more bearish outlook:
“Downward momentum is fading, and unless EUR breaks and holds below 1.1765 in the next 1-2 days, it is increasingly likely that the downside risk will dissipate. Conversely, if EUR breaks above the ‘strong resistance’ at 1.1860 (no change in level), it would indicate that it has moved into a range-trading phase.”
This framework suggests that the pair is consolidating, with the potential to transition into a defined range-trading environment if the highlighted resistance is cleared.
Key Technical Levels Overview
| Level Type | EUR/USD Level | Comment |
|---|---|---|
| Immediate upside objective | 1.1840 | Potential test if mild upward pressure persists |
| Strong resistance | 1.1860 | Unlikely to be threatened in current scenario; break signals range-trading phase |
| Key support to maintain upside bias | 1.1785 | Must hold to sustain mild upward pressure |
| Minor support | 1.1800 | Intermediate level within the broader support zone |
| Critical downside level | 1.1765 | Break and hold below in the next 1-2 days would revive downside risk |
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