EUR/USD Eyes Break Above 1.1615 for Further Gains

According to United Overseas Bank (UOB) Group's foreign exchange strategists, the euro maintains a positive tone against the US dollar. However, a clear break above 1.1615 is required to confirm further gains.

The technical analysis by UOB highlights that as long as the 1.1615 resistance level remains intact, the pair could consolidate or pull back. A decisive move above this threshold would signal that the recent upward momentum is likely to extend.

UOB's analysts note that the euro has been supported in recent weeks by expectations of further monetary policy normalization from the European Central Bank, while the US dollar has faced headwinds from shifting rate-cut bets.