Euro Stalls at 1.1565, Analysts Expect Strong Support

According to UOB's Quek Ser Leang and Lee Sue Ann, the Euro has been struggling to break above the 1.1565 level against the US Dollar. After reaching a high of 1.1559, the EUR/USD pair pulled back to 1.1514 before settling at 1.1524 (-0.23%). The analysts expect strong support at 1.1495 to hold, but warn that if it breaks below this level, the Euro may enter a range-trading phase.

The UOB analysts also mentioned that a close above 1.1565 would open the way for the EUR/USD pair to target 1.1600 over the next 1-3 weeks. However, they caution that upward momentum is starting to slow down and that a break below 1.1495 would signal a shift into range trading.

The analysts' views turned out to be incorrect as the Euro failed to break above 1.1565, despite testing it thrice in recent days. The resistance at 1.1535 is also mentioned as another level that could potentially halt the Euro's upward momentum.