UOB analysts Quek Ser Leang and Lee Sue Ann suggest the euro faces moderate upward pressure against the US dollar and may test higher levels. The report indicates a potential boost to 1.1840, although breaking the resistance at 1.1860 is unlikely. To maintain growth momentum, the euro must stay above 1.1785.

EUR/USD Trading Expectations

“The EUR may rise today, but given the weak momentum, any upside is likely to be limited to a test of 1.1840. Further resistance at 1.1860 is unlikely to be at risk. To maintain mild upside pressure, the EUR needs to hold above 1.1785, with minor support at 1.1800.”

“The bearish momentum is weakening and if the EUR does not break and stay below 1.1765 in the next 1-2 days, it is increasingly likely that the downside risk will end. Conversely, if the EUR breaks above the ‘strong resistance’ at 1.1860 (without changing the level), it will mean that it has entered a swing trading phase.”

(This article was created with the facilitate of an artificial intelligence tool and has been reviewed by an editor.)