The likelihood of the Euro (EUR) breaking above 1.1200 has increased, UOB Group FX analysts note.

Bulls may strive to touch 1.1200

24-HOUR VIEW: “While we expected EUR to edge higher last Friday, we held the view that it “is unlikely to be able to break the major resistance at 1.1200.” Our view did not materialise as EUR traded in a quiet manner between 1.1135 and 1.1181, closing largely unchanged at 1.1162 ( 0.01%). Momentum indicators are turning neutral, and EUR could continue to trade in a quiet manner. Expected range for today: 1.1135/1.1185.”