Potential of the Euro (EUR) breaking above 1.1200 remains unclear, UOB Group Quek Ser Leang and Victor Yong note.

EUR may test 1.1200 near term

24-HOUR VIEW: “Yesterday, we expected EUR to trade in a 1.1085/1.1145 range. In NY trade, EUR soared briefly to 1.1189, plummeted to 1.1094 and then closed largely unchanged (1.1118, 0.04%). Despite the choppy price action, the underlying tone seems to have softened somewhat. Today, we expect EUR to trade in a range, albeit a lower one of 1.1080/1.1140.”