The Euro (EUR) is expected to edge lower; it remains to be seen if it can break the major support at 1.0900. In the longer run, outlook for EUR remains negative; the next level to watch is 1.0900, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

Next level to watch is 1.0900

24-HOUR VIEW: “We expected EUR to trade in a sideways range of 1.0950/1.1000 yesterday. However, it edged lower to 1.0936, closing at 1.0939 (- 0.37%). There has been a slight increase in momentum, and EUR is likely to continue to edge lower today. That said, it remains to be seen if it has enough momentum to break the major support at 1.0900. Resistance is at 1.0960; a breach of 1.0980 would mean that the current mild downward pressure has faded.”