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EUR/USD nudges higher. Economists at Scotiabank analyze the pair’s outlook.
The pair is slowly clambering back from Friday’s sharp fall. It looks a bit of a grind but the dips from 1.10 may be finding a base around the 1.09 point and the broader pattern of trade and trend strength oscillators remain bullishly aligned for the EUR across the short, medium and long-term DMIs.
This means limited downside potential (as we are seeing) and ongoing upside risk for spot; a clear push through 1.1015/1.1020 should see another leg higher in spot develop.
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