Euro Bounces off Resistance, Eyes 1.1655

UOB's analysts Quek Ser Leang and Lee Sue Ann report that EUR/USD briefly broke above major resistance at 1.1610 to 1.1614 before fading, leaving the Euro in a near-term consolidation between 1.1560 and 1.1600.

The pair must break and hold above 1.1615 to open 1.1655, with strong support anchored at 1.1525, according to UOB.

The 24-hour view saw EUR rise sharply to a high of 1.1585 last Friday, but the rapid rise appears to be running ahead of itself.