EUR/USD Fails to Break Through Key Resistance at 1.1565

According to United Overseas Bank's (UOB) analysts Quek Ser Leang and Lee Sue Ann, the EUR/USD pair has firmed up slightly, reaching 1.1529. While they see scope for the Euro to edge higher, they doubt it will break through the 1.1565 resistance level today.

The analysts believe that any advance is unlikely to reach the major resistance at 1.1565, citing another resistance level at 1.1545. Support is seen at 1.1515, and a breach of 1.1500 would indicate that the current mild upward pressure has faded.

On a 1-3 week horizon, UOB's analysts remain bullish on EUR/USD, predicting that a close above 1.1565 could open up 1.1600 as a target. However, they note that only a breach of 1.1470 would indicate that EUR is unlikely to test 1.1565.