EUR/USD needs to make progress above resistance at 1.0785 to improve – Scotiabank

EUR/USD continues to pivot around the 1.07 zone. Economists at Scotiabank analyze the pair’s technical outlook.

EUR/USD remains well-supported on dips to the upper 1.06s

The EUR remains well-supported on dips to the upper 1.06s and is developing some positive trend momentum on the 1 and 6-hour oscillators.

Flatter trading since late May does suggest the sustained decline in spot over the past month is stabilizing but the EUR needs to make more obvious progress (above minor resistance at 1.0740 and firmer resistance at 1.0785) to improve. A somewhat higher close on the week would be a plus.