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EUR/USD reverses after US CPI spike, entering a 1-to-3 week range

UOB expects the pair to range-trade between 1.1480 and 1.1580, with further pullback capped within 1.1510 to 1.1545 intraday.

Reported · Written up by our desk · Major Pairs

EUR/USD has shifted into a range-trading phase after a brief upside push following US CPI, United Overseas Bank analysts Quek Ser Leang and Lee Sue Ann said via UOB’s FX commentary.

They noted the pair spiked to 1.1562 during the US session after the CPI release, then reversed to 1.1524, down 0.14% on the day.

UOB said the upward momentum has faded and that further downside is possible, but likely contained within an intraday band of 1.1510 to 1.1545.

For the next one to three weeks, the bank expects EUR/USD to trade between 1.1480 and 1.1580, while also stating that a sustained break higher would require firm closes above 1.1580 before a move beyond 1.1600 can be expected.

Latest closeEUR/USD 1.153 ▼0.2%

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