Forex
EUR/USD Range Traders Eyeing Major Support at 1.1550
EUR/USD has entered a short-term range trading phase between 1.1570 and 1.1610, according to UOB's Quek Ser Leang and Lee Sue Ann.
The pair dipped to 1.1565 on Tuesday but rebounded strongly to 1.1608 before easing to close largely unchanged at 1.1587 (-0.04%).
UOB still sees scope for a test of 1.1550, although this is unlikely unless the strong resistance at 1.1630 breaks.
On a medium-term view, a decisive upside break would keep targets at 1.1800 and 1.1850 in focus.