EUR/USD needs to clear last Friday’s high at 1.0617 to enjoy more gains – Scotiabank

EUR/USD grinds higher through mid-1.05s. Economists at Scotiabank analyze the pair’s outlook.

Price moves continue to lean bullish

Price moves continue to lean bullish after the EUR developed a ‘morning star’ reversal pattern through mid-week.

Solid EUR gains on Thursday serve as ‘confirmation’ of the reversal but there is clearly a lot of work ahead for the EUR to build on this development.

Last Friday’s high at 1.0617 is the key, short-term barrier for the EUR to clear if gains are to develop a little more towards 1.0650/1.0750.

Support is 1.0530.