EUR/USD door open for a visit to 1.16/1.17 – Scotiabank

By FXStreet Shaun Osborne, Chief FX Strategist at Scotiabank, sees scope for a test of the 1/16/1.17 area in the short-term

Key Quotes

“EURUSD gains do not “fit” our fundamental perspective of broader risks facing the exchange rate but a purely technical perspective of EURUSD’s prospects looks constructive”.

“EURUSD is trading through 5-month trend resistance at 1.1325 (now support) and is once again testing longer-term retracement resistance at 1.1296 (failed to hold on a weekly close basis twice this year)”.

“Crucially, short, medium and longer-term trend momentum studies are aligning bullishly for the EUR which suggests scope for gains to extend towards 1.16/1.17”.
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Source:: FX Street