EUR/USD remains subdued in the 1.10 neighbourhood during the first half of the week, finding some decent support around 1.0990 for the time being. The research team at UOB Group argued “EUR edged below 1.0990 (low of 1.0987) but closed higher at 1.1015. As highlighted yesterday, only a daily closing below 1.0990 would indicate further EUR weakness towards the next support at 1.0850. Overall, this pair is expected to remain under pressure unless it can reclaim 1.1130 in the next few days”. Furthermore, analysts at Danske Bank added “We continue to see the cross range-bound, albeit at slightly higher levels after breaking out of the 1.05-1.10 interval. We have kept our 6-12M forecast profile unchanged and thus continue to see EUR/USD headed towards 1.16 in 12M but upped our 1-3M forecasts slightly, seeing a dip towards 1.08 (previously 1.06) in 3M”. For more information, read our latest forex news.