According to FX Strategists at UOB Group, EUR/USD could still revisit the 1.1280 zone in the next weeks.

Key Quotes

24-hour view: “Our expectations for EUR to ‘drop below 1.1280’ yesterday were incorrect as it rebounded strongly from 1.1286 to 1.1366 before dropping back down quickly. The movement is likely part of a consolidation and EUR is expected to trade between 1.1290 and 1.1360.”

Next 1-3 weeks: “In our latest narrative from Monday (21 Feb, spot at 1.1315), we highlighted that downward momentum is beginning to build and we expected EUR to ‘head lower to 1.1280’. EUR dropped to 1.1286 yesterday before rebounding quickly. Downward momentum has waned somewhat but as long as 1.1375 (no change in ‘strong resistance’ level from yesterday) is not breached, there is still room for EUR to drop to 1.1280. That said, the next support at 1.1240 is likely out of reach this time round.”