UOB analysts Quek Ser Leang and Lee Sue Ann suggest that the Euro against the US Dollar is facing mild upward pressure and could test higher levels. The report indicates a potential advance to 1.1840, although the resistance at 1.1860 is unlikely to be breached. The Euro must hold above 1.1785 to sustain this upward momentum.

EUR/USD trading expectations

“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.”

“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.”

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