The Euro (EUR) is likely to strengthen against the US Dollar (USD) further towards 1.1225, but the significant resistance level at 1.1275 is unlikely to come into view today, UOB Group FX strategists Quek Ser Leang and Lee Sue Ann note.

EUR targets the 2023 high of 1.1275

24-HOUR VIEW: “Last Friday, we expected EUR to trade in a range between 1.1085 and 1.1155. EUR traded sideways until NY trade, when it lifted off and touched 1.1200. EUR closed on a strong note at 1.1190 ( 0.70%). While conditions are overbought, strong upward momentum suggests further EUR strength, likely towards 1.1225. The significant resistance level of 1.1275 is unlikely to come into view today. Support levels are at 1.1165 and 1.1145.”