EUR/USD Enters Range-Trading Phase Amid Faded Momentum

According to United Overseas Bank's (UOB) analysts Quek Ser Leang and Lee Sue Ann, the EUR/USD currency pair briefly spiked to 1.1562 on the US CPI release before reversing course to close at 1.1524.

This sudden move has led the analysts to reassess their expectations for the pair's short-term performance. They now believe that any further pullback will be contained within a narrow range of 1.1510-1.1545, indicating that downward momentum has not increased significantly.

Looking ahead to the next one-to-three weeks, the analysts predict that EUR/USD will likely enter a range-trading phase, oscillating between 1.1480 and 1.1580.