Room for EUR to retest the 1.1025 level; the chance of a sustained break below this level is not high at this time, UOB Group FX strategists Quek Ser Leang and Alvin Liew note.

EUR is set to retest the 1.1025 level

24-HOUR VIEW: “In NY trade last Friday, EUR traded choppily between 1.1064 and 1.1155, closing at 1.1083 (-0.24%). Despite the choppy price movements, the underlying tone seems to have softened somewhat. Today, EUR is expected to edge lower, possibly testing the 1.1055 level. Last week’s low of 1.1025 is unlikely to come into view. Resistance is at 1.1115 and 1.1135.”

1-3 WEEKS VIEW: “EUR seems to be under mild downward pressure, and there is room for it to retest last week’s low of 1.1025. At this time, the chance of a sustained break below this level is not high. The mild downward pressure is intact provided that 1.1160 is not breached.”