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- EUR/USD: Only limited scope for countertrend corrections – Scotiabank
EUR/USD: Only limited scope for countertrend corrections – Scotiabank
EUR/USD pushes higher to mid-1.07s. Economists at Scotiabank analyze the pair’s outlook.
Minor dips to remain well-supported
Solid gains in the EUR are bringing spot within easy reach of 1.0766, 38.2 % retracement of the H2 slide in the EUR/USD pair.
Short-term gains look a little stretched but bullish momentum suggests only limited scope for countertrend EUR corrections at this point.
EUR/USD dips to the mid/upper 1.06s are likely to remain well-supported.
Resistance is 1.0805 (100- and 200-DMA signals converge there) and 1.0863 (50% retracement).
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