EUR/USD could break out toward a test of 1.16 – Scotiabank
|EUR/USD continues to trade in a narrow 1.1400-1.1450 channel. Analysts at Scotiabank spot a technical pattern that could imply a move towards the 1.16 level.
Support past 1.1400/90 is 1.1370
“EUR price action is forming a bullish flag pattern that could see it break out toward a test of 1.16.”
“Resistance past the mid-figure zone is 1.1484 followed by 1.1515/25 (the lows of Oct/Nov).”
“Support past 1.1400/90 is 1.1370, the mid-1.13s, and the 50-day MA at 1.1324.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.