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Euro holds mild upward momentum versus US dollar, analysts cite 1.1565

FXStreet notes EUR/USD closed at 1.1551, with a test of 1.1565 possible and a daily close above that level needed for sustained gains.

Reported · Written up by our desk · Major Pairs

FXStreet reports that analysts at United Overseas Bank say EUR/USD extended modest gains to close at 1.1551, keeping mild upward momentum intact.

In the near term, the pair could test 1.1565, but a move toward 1.1600 is considered unlikely without stronger momentum. On the downside, a breach of 1.1530 would signal the mild upward pressure has faded, with minor support around 1.1540.

Over a one to three week horizon, UOB says a sustained rise would require a daily close above 1.1565 while holding above the 1.1495 support level. FXStreet also notes that the odds of closing above 1.1565 remain intact as long as EUR/USD stays above that strong support.

The bank’s view also hinges on whether EUR can maintain a foothold above 1.1565 after failing to build significant upward momentum even as the pair reached a high of 1.1559 before settling at 1.1551.

Latest closeEUR/USD 1.156 ▲0.4%

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