United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlights that EUR/USD firmed to 1.1529, with short‑term momentum turning slightly higher. They see scope for the Euro to edge up but doubt an intraday break of 1.1565, with 1.1545 as nearer resistance and 1.1515/1.1500 as supports. On a 1–3 week horizon, a close above 1.1565 could open 1.1600, while 1.1470 remains strong support.

Upside bias constrained by resistance

"24-HOUR VIEW: When EUR was at 1.1510 in the early Asian trade yesterday, we indicated that “the current price movements appear to be part of a consolidation phase between 1.1485 and 1.1540.” EUR then traded within a narrow range of 1.1501/1.1534 before settling at 1.1529 (+0.19%). There has been a slight uptick in upward momentum, and EUR may edge higher today. Given the mild upward momentum, any advance is unlikely to reach the major resistance at 1.1565. Note that there is another resistance level at 1.1545. Support is at 1.1515; a breach of 1.1500 would mean that the current mild upward pressure has faded."

"1-3 WEEKS VIEW: EUR rose sharply and closed higher by 1.41% last week. On Monday (03 Aug, spot at 1.1530), we indicated the following: “The rapid rise appears to be running ahead of itself, but there is a chance for EUR to test the significant resistance at 1.1565. Should EUR close above this level, it could rise toward 1.1600.” Our view remains unchanged. Overall, only a breach of 1.1470 (‘strong support’ level previously at 1.1455) would indicate that EUR is unlikely to test 1.1565."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)