In opinion of FX Strategists at UOB Group, the upside bias in EUR/USD could reach the 1.1410 level in the next weeks.

Key Quotes

24-hour view: “EUR traded sideways between 1.1301 and 1.1359 yesterday, narrower than our expected range of 1.1260/1.1380. Further sideway-trading appears likely, expected to be within a range of 1.1290/1.1370.”

Next 1-3 weeks: “Our update from yesterday (01 Dec, spot at 1.1335) still stands. As highlighted, EUR is likely to trade with an upward bias towards 1.1410. At this stage, a sustained rise above this level is unlikely. On the downside, a breach of 1.1240 (‘strong support’ level was at 1.1220 yesterday) would indicate that EUR is not ready to head towards 1.1410.”