UOB Sees EUR/USD Rallying Toward 1.1725 on Softer Dollar, Eurozone Growth

United Overseas Bank (UOB) maintains an upside bias for EUR/USD, targeting a move toward 1.1725 in its latest technical note. The bank's FX strategists see potential for further gains if key support levels hold.

The euro has been supported by a combination of factors, including a softer US dollar and improving economic data from the eurozone. As of mid-2025, the European Central Bank has signaled a cautious approach to monetary policy, while the Federal Reserve has hinted at potential rate cuts later this year, weighing on the dollar.

Traders are closely monitoring the 1.1600 support level, which has acted as a floor for the pair in recent sessions. On the upside, the 1.1725 level is the immediate target, followed by 1.1800 if momentum persists.