There is room for the Euro (EUR) to edge higher, but it is unlikely to be able the break the major resistance at 1.1200. In the longer run, the likelihood of EUR breaking above 1.1200 has increased, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

Bulls may target 1.1200 in the longer run

24-HOUR VIEW: “EUR traded choppily two days ago. Yesterday, we indicated that ‘despite the choppy price action, the underlying tone seems to have softened somewhat,’ and we expected it to ‘trade in a lower range of 1.1080/1.1140.’ The subsequent price movements did not turn out as we anticipated. EUR dropped briefly to 1.1067 and then soared to 1.1178, closing on a firm note at 1.1161 ( 0.39%). Upward momentum has increased slightly. Today, there is room for EUR to edge higher, but it is unlikely to be able to break the major resistance at 1.1200. Support levels are at 1.1130 and 1.1110.”