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”.
(Market News Provided by FXstreet)