EUR/USD recovers to 1.1218, with analysts projecting a consolidation phase between 1.1180 and 1.1240 as short-term momentum shows signs of being overextended.
EUR/USD rebounded strongly from 1.1112 to 1.1218 but is expected to range-trade between 1.1180 and 1.1240.
The EUR/USD pair staged a robust recovery, climbing from 1.1112 to close at 1.1218 and erasing previous session losses. Analysts at United Overseas Bank suggest that while the recent rally appears overextended, the pair is likely to consolidate within a 1.1180 to 1.1240 range in the near term.
Analysts expect the pair to trade between 1.1180 and 1.1240 following its recent rebound.