The economists of Scotiabank report that EUR/USD breaks through the lower 1.10 zone to trigger fresh bullish momentum.
Intraday support at 1.0965/1.0970
The new cycle highs maintain the EUR’s constructive tone and, following price developments over the past month, open the door to the possibility of significant new bullish momentum over the next month or so.
Late November/December quotes have developed a bullish head and shoulders continuation pattern, with the neckline trigger at 1.1010 activated today. The pattern involves a upside potential of about 290 basis points in the pair over the next 6-8 weekswhich means retesting the July high (and a little more).
Intraday support stands at 1.0965/1.0970. Resistance at 1.1080.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
