Forex
Euro Consolidation Continues Amid Flat Momentum Indicators
The euro has been holding steady against the US dollar at around 1.1540, following a quiet trading session. Momentum indicators are mostly flat, suggesting that the currency pair is likely to continue consolidating between 1.1530 and 1.1560.
According to UOB's analysts, Quek Ser Leang and Lee Sue Ann, a break above 1.1560 could trigger a quick move up to 1.1580. However, for further gains, the euro must close above this level within the next 1-3 weeks to open up the possibility of reaching 1.1600 and beyond.
On the downside, if the euro breaks below 1.1515, it would indicate that it is not rising further. This strong support level remains unchanged from yesterday's assessment.