Euro's Rise Hinges on Breaking Through Key Resistance
According to United Overseas Bank's (UOB) analysts Quek Ser Leang and Lee Sue Ann, the EUR/USD pair has shown mild upward momentum but still faces significant hurdles. The pair closed at 1.1551 on Tuesday, with a high of 1.1559 reached before settling.
The analysts highlight that for a sustained rise in the Euro's value against the US Dollar, a daily close above 1.1565 is required while holding above support at 1.1495. Without stronger momentum, a move to 1.1600 is unlikely.
In their previous analysis on August 3rd, when the spot price was at 1.1530, the analysts noted that there was a chance for EUR/USD to test significant resistance at 1.1565. They added that should EUR close above this level, it could rise towards 1.1600.
However, with no significant increase in upward momentum and still needing to close above 1.1565 for sustained rises, the odds of achieving this target remain intact as long as the Euro holds above 'strong support' at 1.1495.