Analysts at UOB Group, Quek Ser Leang and Peter Chia, noted that while the Euro (EUR) could continue to edge higher against the US Dollar (USD), it is unlikely to break above the key resistance level at 1.1680 in the near term.
Short-Term Outlook (24-Hour View)
EUR/USD traded in a relatively narrow range between 1.1616 and 1.1651 on Monday, slightly below the analysts’ expected range of 1.1605–1.1650. UOB highlights a tentative buildup in upward momentum, suggesting a gradual rise is possible. However, the pair lacks sufficient strength to clear the major resistance at 1.1680, with a nearer resistance seen at 1.1665.
On the downside, support levels are located at 1.1630 and 1.1620.
Medium-Term Outlook (1–3 Weeks View)
UOB’s latest update maintains that EUR/USD remains in a range-trading phase, with the pair expected to trade between 1.1585 and 1.1680 in the coming weeks. The analysts see no clear directional bias until the pair breaks out of this range.