Chance for the Euro (EUR) to rise above 1.1200. There does not appear to be enough momentum for it to reach 1.1230 today. In the longer run, firm short-term momentum suggests EUR could rise towards 1.1230, UOB Group FX strategists Quek Ser Leang and Peter Chia note.

EUR can rise towards 1.1230

24-HOUR VIEW: “After EUR fell sharply two days ago, we indicated that ‘the sharp drop appears to be a tad overdone, but barring a breach of 1.1150, there is room for EUR to test the 1.1080 level’. Our view was incorrect, as EUR rebounded strongly to 1.1180. Today, there is a chance for EUR to rise above 1.1200, but there does not appear to be enough momentum for it to reach 1.1230. Support is at 1.1165, a breach of 1.1145 would mean that the current upward pressure has faded.”