EUR/USD: the euro may push a bit higher in the very short term (UOB)

UOB believes that the EUR/USD is capable of extending to 1.1720 today.

"The sudden and quick rally of the EUR/USD on Friday was a surprise. The rapid rise seems stretched, but there is room for a test of last week's peak at 1.1720.

As for today, the probability of a sustained move above this level is not very high (the next resistance level is at 1.1750).

Support is at 1.1630, but only a break below 1.1600 would indicate that the current upside pressures have eased."