EUR/USD: Building pressure for an extension of the rally to the 1.10 area – Scotiabank EURUSD Banks
touched its highest level in nearly eight months at 1.0777. Economists at Scotiabank expect the pair to extend its race higher toward the 1.10 region.“Spot gains continue to pressure the mid-1.07 zone – key retracement resistance – which suggests building pressure for an extension of the EUR rally to the 1.10+ area.”
“Intraday price action is leaning potentially bearish, however, with the early European peak at 1.0775 marking a small outside range session on the six-hour“We think the EUR will need to trade well below 1.07 to negate solid, underlying bull moment from a short-term point of view, however.” Information on these pages contains forward-looking statements that involve risks and uncertainties.
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