Euro Consolidation Hinges on Breakthrough at 1.1565 vs USD

According to United Overseas Bank's (UOB) Quek Ser Leang, the Euro has recently experienced a sharp rise followed by consolidation after failing to sustain gains above 1.1558 against the US Dollar.

The bank expects EUR/USD to trade between 1.1485 and 1.1540 in the intraday period, with a close above 1.1565 potentially opening the way towards 1.1600.

Longer-term, a break of 1.1390/1.1410 is seen as targeting 1.1210, but for now, the market is expected to be in range trade while eyeing the key level of 1.1565.