Euro in Range Phase After Failed Upside Break vs US Dollar

EUR/USD saw a short-lived spike to 1.1562 following the US CPI release, but the move quickly reversed, according to UOB analysts Quek Ser Leang and Lee Sue Ann. They describe the price action as a failed upside break rather than the start of a sustained advance.

As a result, the euro is now viewed as being in a range phase against the US dollar. The pair's inability to hold the 1.1562 area leaves it in consolidation with no clear directional push.

The 1.1562 level stands out as the key upside reference after the failed test. Market participants are likely to monitor whether EUR/USD remains rangebound or stages another attempt at that area.