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United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann have highlighted a near-term bearish bias for EUR/USD following its break below 1.1720. While they acknowledge the potential for a decline toward key support at 1.1665, they doubt an immediate move to this level today. For the coming weeks, the pair is expected to trade within a defined range between 1.1665 and 1.1795. This analysis suggests a cautious outlook for EUR/USD, with traders advised to monitor the range boundaries and potential breakout scenarios. The defined range provides a framework for short-term trading strategies, though the lack of a clear directional breakout may limit volatility. Market participants should watch for shifts in EUR/USD momentum or external catalysts, such as ECB policy updates or USD strength, which could expand the range or trigger a trend reversal.
