EUR/USD: Growing pressure for an extension of the recovery to the 1.10 zone – Scotiabank

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On Wednesday, the EUR/USD pair reached its highest level in almost eight months at 1.0777. The Scotiabank economists expect the pair to continue its upward movement towards the 1.10 zone.

Intraday Price Action Potentially Tilts Down

“Pair gains continue to put pressure on the 1.0750 zone – key pullback resistance – suggesting mounting pressure for an extension of the Euro rally to the 1.10 00 zone or even beyond.”

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“However, intraday price action is potentially tilted lower, with the European session high at 1.0775 marking a bit of a range breakout on the 6-hour chart.”

“However, we believe that the EUR will need to trade well below 1.07 to offset the strong underlying bullish momentum from a short-term standpoint.”

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Source: Fx Street

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