EUR/USD: Gains through last week’s 1.0965 high target a push on towards 1.11– Scotiabank

EUR/USD remains firm. Economists at Scotiabank analyze the pair’s outlook.

Solid bull trend develops

The EUR uptrend persists and is backed by bullishly aligned trend oscillator signals on the intraday, daily and weekly charts. This implies a solid technical uptrend is playing out and that the EUR will remain well supported on – likely – shallow dips for now. 

Spot is within reach of last week’s 1.0965 high, which equated to a test of the 61.8% retracement resistance from the EUR’s H2 decline. Gains through here target a push on towards 1.11 (76.4% Fibonacci resistance at 1.1080). 

Support is 1.0925 and 1.0875.