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EUR/USD holds near 1.1620 as UOB flags upside bias

UOB expects EUR/USD to trade in a tighter 1.1585 to 1.1670 range over the next one to three weeks, with resistance at 1.1670 unlikely to be decisively breached.

Reported · Written up by our desk · Major Pairs

UOB analysts said EUR/USD was little changed around 1.1620 on Monday, while noting a slight pickup in upward momentum, according to FXStreet.

They see scope for a test of 1.1640, and over the next one to three weeks they maintain an upside bias for the pair but expect it to stay within a narrower 1.1585 to 1.1670 band.

FXStreet cited UOB’s view that a break above 1.1640 is possible, but any further advance is highly unlikely to threaten the major resistance level at 1.1670.

UOB placed support at 1.1610, followed by 1.1600, describing Monday’s price action as part of an earlier 1.1595 to 1.1635 range-trading phase.

Latest closeEUR/USD 1.159 ▼0.1%

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