EUR/USD: Breaks above 1.09 – Scotiabank

EUR/USD edged higher in European trade, mirroring the broader drift of the US Dollar (USD), and broke above 1.09, notes Scotiabank FX Strategist Shaun Osborne.

EUR trades above 1.09 intraday

“The Euro (EUR) has steadied against the CHF after the cross fell sharply across the board this week as safe havens have been in demand amid geopolitical concerns and weak equities. European sovereign debt spreads have widened somewhat as Italian and Greek debt underperform amid the broader wave of risk aversion.”

“The EUR has gained some support in European trading, reflecting a firm zone of support for the EUR around 1.08—where all major moving averages and retracement support (61.8% of the June/July rally at 1.0774) come together. The EUR broke above 1.09 intraday and is trading around the 1.0911 level.”

Source: Fx Street

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