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Forex

EUR/USD Seeks 1.1565 Resistance Amid Bullish Momentum

Guavy AI Editorial Team
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EUR
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According to Quek Ser Leang of United Overseas Bank (UOB), the EUR/USD pair rebounded sharply after dipping to 1.1453 last Friday, with potential for further gains towards 1.1565 on an intraday basis.

To maintain momentum and continue its upward trajectory, the EUR must hold above 1.1495, which serves as a crucial support level. A minor support at 1.1510 is also in place to provide additional cushioning against potential downturns.

Looking ahead to a 1-3 week view, Quek Ser Leang sees scope for the EUR/USD pair to test significant resistance at 1.1565 and possibly even reach 1.1600. Conversely, if the pair were to break below the strong support level of 1.1455, it would likely undermine the bullish scenario.

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