EUR/USD: Likely to consolidate within a range of 1.1655/1.1720 – UOB Group

FXStreet Insights Team FXStreet

Euro (EUR) is likely to consolidate within a range of 1.1655/1.1720. In the longer run, risk for EUR remains on the upside; the probability of it breaking above 1.1805 is not high for now, UOB Group's FX analysts Quek Ser Leang and Lee Sue Ann note.

Risk for EUR remains on the upside

24-HOUR VIEW: "Following the strong surge in USD on Tuesday, we indicated yesterday that 'the sharp rise seems excessive, and instead of continuing to rise, EUR is more likely to consolidate today, probably between 1.1690 and 1.1770'. The subsequent price movements did not unfold as expected. During the NY session, EUR rose to 1.1742 and then fell to 1.1676. EUR closed at 1.1682, down by 0.36%. Today, we continue to expect consolidation, but the softer underlying tone suggests a lower range of 1.1655/1.1720."

1-3 WEEKS VIEW: "We stated yesterday that 'while the sharp rally seems overextended, there is scope for EUR to continue to rise'. However, we pointed out that 'the probability of it breaking above 1.1805, near last month’s high, is not high for now'. We also pointed out that 'the risk for EUR remains on the upside, provided that it does not break below 1.1560 (‘strong support’ level)'. We continue to hold the same view, but we are revising the ‘strong support’ level higher to 1.1625."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD stabilizes near 1.1700 ahead of US data

EUR/USD holds steady at around 1.1700 early Thursday after posting modest daily losses on Wednesday. Improving market mood on easing EU-US trade densions helps the pair keep its footing as market focus shifts to mid-tier data releases from the US.

GBP/USD strengthens above 1.3400 as UK inflation beats forecasts

Following a two-day rally, GBP/USD lost its traction and closed in negative territory on Wednesday after mixed UK inflation data. The pair stays relatively quiet on Thursday and fluctuates in a tight channel above 1.3400 ahead of PCE inflation and Jobless Claims data from the US.

Gold holds above $4,800 after Trump's U-turn on Greenland

Gold stabilizes above $4,800 early Thursday following a sharp decline seen during the Asian session. The global risk sentiment gets a strong boost in reaction to US President Donald Trump's U-turn on Greenland and easing geopolitical tensions, capping XAU/USD's upside.

Top Crypto Gainers: Canton, MYX Finance, Pump.fun rise as the market steadies

Canton, MYX Finance, and Pump.fun are leading the recovery over the last 24 hours as the broader cryptocurrency market takes a breather after sharp losses. Technically, the recovering altcoins are closing toward key resistances as selling pressure eases.

Trump walks back NATO tariffs, signals de-escalation

What began as a sharp escalation risk quickly turned into a de-escalation signal. Earlier this week, markets briefly priced in escalation risk after Donald J. Trump proposed a 10% tariff hike on eight NATO nations amid the Greenland dispute.

Axie Infinity extends gains as bullish momentum targets $3

Axie Infinity (AXS) extends its gains by 8%, trading above $2.56 at the time of writing on Thursday, after rallying over 37% this week. The bullish price action is further strengthened by rising whale accumulation volume.