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Forex

EUR/USD Enters Range-Trading Phase Amid Shift from Bullish Bias

Guavy AI Editorial Team
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EUR
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The EUR/USD exchange rate has entered a range-trading phase after breaking below its strong support level at 1.1640, according to United Overseas Bank's (UOB) analysis.

Quek Ser Leang and Lee Sue Ann from UOB report that the earlier bullish phase in EUR has faded, resulting in a shift towards a consolidation band between 1.1600 and 1.1685 in the coming days.

This change is attributed to the breakdown of strong support at 1.1640, which indicates easing upward momentum for the Euro.

Despite this development, UOB still maintains an upside bias with longer-term targets at 1.1800 and 1.1850.

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