The Euro (EUR) could edge higher; as upward momentum is not strong, any advance is unlikely to break above 1.0960. If EUR breaches 1.0875, it would mean that the likelihood of it rising to 1.1010 has faded, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
Predominantly flat on the day
24-HOUR VIEW: “We expected EUR to consolidate between 1.0895 and 1.0930 yesterday. However, EUR edged to a high of 1.0939 before closing higher at 1.0931 ( 0.12%). There has been a slight increase in momentum, and USD could continue to edge higher today. As upward momentum is not strong for now, any advance is unlikely to break the resistance at 1.0960. On the downside, should EUR breach 1.0905 (minor support is at 1.0920), it would indicate that the current mild upward pressure has eased.”
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