EUR/USD recovers to mid/upper 1.0800s. Economists at Scotiabank analyze the pair’s outlook.
Technicals are supportive
Spot traded positively in response to another test of the 1.0800 area on Monday, confirming a bullish ‘piercing line’ candle on the chart through the close.
Gains are nearing the 50% retracement of last week’s see-off (1.0872), with a move above here liable to spur additional gains to 1.0900+.
Daily and weekly trend momentum remains bullish for the EUR, which has helped to bolster support for the EUR on dips and should help drive spot gains higher in the near term.
Support is 1.0835.
