EUR/USD: UOB expects the movement to extend up to 1.1240

"The EUR/USD has broken the channel as well as several important resistance levels, climbing as high as 1.2245, a level that we haven't seen since the month of October last year. The rally already seems well underway and any additional rallies will probably not climb above 1.1240.

That said, any retreat should find support at 1.1050 and 1.1", says UOB.