The Euro (EUR) is likely to trade in a range between 1.1085 and 1.1155. Solid momentum indicates further EUR strength; it remains to be seen if the 2023 high of 1.1275 is within reach, UOB Group FX strategists Quek Ser Leang and Peter Chia note.

Momentum may take EUR/USD above 1.1155

24-HOUR VIEW: “We expected EUR to ‘trade in a higher range of 1.1110/1.1180’ yesterday. However, it traded in a lower range instead, between 1.1095 and 1.1164, closing at 1.1112 (-0.34%). The price action is likely part of a range trading phase. Today, we expect USD to trade between 1.1085 and 1.1155.”