EUR/USD regains the 1.10 area. Economists at Scotiabank analyze the pair’s outlook.
Minor dips will remain well-supported
Investors remain concerned by soft economic prospects amid rising rates and slack global demand. EUR sentiment remains well-supported by the outlook for additional ECB policy tightening later this month (and September), however.
Short-term price action suggests EUR gains through the low 1.10 zone have stalled, with spot trading off its earlier high. But solid bull trend momentum evident across a range of timeframes suggests that minor EUR dips will remain well-supported (around 1.0950/75) and that the bull run has room to extend to a retest of the 1.11 zone.
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