Chance for Euro (EUR) to advance further. It could trigger a rapid rise towards 1.1000, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann

EUR breaks above 1.0950 and moves towards 1.1000

24-HOUR VIEW: “Last Friday, we held the view that ‘there is room for EUR to test the major support at 1.0760 before a recovery can be expected.’ However, after dipping to a low of 1.0781, EUR lifted off in NY trade, blowing past several strong resistance levels with ease before closing higher by 1.08% (1.0908). The outsized surge appears to be a tad overdone, and today, while EUR could continue to rise, it is unlikely to break last month’s high, near 1.0950. Note that there is another resistance level at 1.0930. To keep the momentum going, EUR must remain above 1.0860 with minor support at 1.0885.”