EUR/USD: Consolidates ahead of fresh bullish momentum — Scotiabank

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The EUR/USD bounces from levels below 1.08. Scotiabank economists see upside risks.

Support looks pretty solid at the 1.07 upper zone.

“The Euro has run into solid resistance at the 1.0850 upper zone several times over the past week, but losses remain limited and short-term charts continue to suggest consolidation (bullish pennant) ahead of further impetus to the euro.” rise”.

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“Signs of trend strength remain bullish for the euro on various timeframes, which should serve to maintain this situation (ie limited euro losses and continued upside risks).”

“Charts suggest firm support on minor dips towards the 1.0750 high and continued upside pressure for gains towards 1.1000/50.”

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Source: Fx Street

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