The Euro (EUR) is likely to consolidate between 1.0895 and 1.0930. If EUR breaches 1.0875, it would mean that the likelihood of it rising to 1.1010 has faded, UOB Group FX analysts Quek Ser Leang and Peter Chia note.

The 1.0875 support is a bear magnet

24-HOUR VIEW: “EUR traded in a quiet manner between 1.0908 and 1.0931 last Friday, closing largely unchanged at 1.0916 (-0.02%). The price movements are likely part of a consolidation phase. Today, EUR is likely to trade between 1.0895 and 1.0930.”