EUR/USD Support Holds Firm, Resistance Looms

EUR/USD has retreated to 1.1524 after failing several times near 1.1560, according to UOB's Quek Ser Leang and Lee Sue Ann.

The analysts expect strong support at 1.1495 to hold but see scope for further pullback in the intraday market.

In their latest update, they stated that a close above 1.1565 would open the way toward 1.1600 over the next 1-3 weeks, while a break below 1.1495 would signal a shift into range trading.

The UOB analysts previously assessed that there was a chance for EUR to test the significant resistance at 1.1565 and potentially rise toward 1.1600 if it closed above this level.