EUR/USD steadies after finding support in the low 1.07s. The pair could see another leg higher on a break past 1.0785, economists at Scotiabank report.
EUR to remain firm on minor dips
“The short-term charts retain a bearish look after the EUR’s tumble from last week’s high. But spot has steadied around the 50% retracement of the EUR rally from 1.05 around the middle of the month and underlying trend dynamics remain EUR-bullish on the longer term oscillators. This should mean dips remain well-supported.”
“EUR gains back through 1.0785 will give spot a bit more lift.”
“Key resistance is 1.0930 – last week’s high.”
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