Euro (EUR) could edge above 1.1200 but is unlikely to reach 1.1225. For the longer term, boost in momentum has increased the likelihood of EUR reaching 1.1275, UOB Group FX strategists Quek Ser Leang and note.

Bulls may test 1.1200 short term

24-HOUR VIEW: “Yesterday, we indicated that EUR ‘seems to have entered a consolidation phase and is likely to trade in a range of 1.1140/1.1190.’ Our view was not wrong, even though EUR traded in a narrower range of 1.1150/1.1190, closing on a firm note at 1.1184 ( 0.21%). Upward momentum has increased, albeit not much. EUR could edge above 1.1200 today but the next resistance at 1.1225 is likely out of reach. On the downside, support levels are at 1.1165 and 1.1145.”