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The pair could extend the upside to the 1.1930 in the near term, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Expectation for a higher EUR was wrong as it dropped to hit an overnight low 1.1825. The recent upward pressure has eased and the current movement is viewed as part of a consolidation phase. In other words, EUR is expected to trade sideways, likely between 1.1800 and 1.1870”.

“There is not much to add as we continue to hold the view that the current recovery in EUR has room to extend higher to 1.1930. While it is early days still, the odds for a sustained move above 1.1930 have improved. Overall, this pair is expected to stay underpinned in the coming days as long as the key short-term support at 1.1760 is intact. On a shorter-term note, 1.1810 is already a strong support”.