The Euro (EUR) is likely to trade in a range, probably between 1.1085 and 1.1145. In the longer run, EUR is likely to continue to rise, but it is unclear if it has sufficient momentum to break above the y-t-d high, near 1.1200, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

EUR to continue to rise in the longer run

24-HOUR VIEW: “We indicated yesterday that ‘there is scope for EUR to test 1.1155, but sustained break above this level seems unlikely.’ Our view did not materialise as EUR rose to 1.1146, pulling back to close at 1.1113 (-0.17%). The price action is likely part of a range trading phase, probably between 1.1085 and 1.1145.”