EUR/USD keeps its range below the 1.09 level. A move above here will revive bullish momentum, economists at Scotiabank report.
Firm support on modest dips to the low/mid-1.08s
“EUR/USD is holding a solid-looking bull trend on the daily chart and is backed by supportive trend strength oscillators across the short, medium and longer-term DMIs. This should mean limited scope for counter-trend EUR losses and firm support on modest dips to the low/mid-1.08s. It should also mean steady progress higher in spot – which has been less obvious over the past few sessions.”
“Gains through the low 1.09s will revive the bull move for a push on to 1.1000/50.”