Forex Flash: EUR/USD year-end target at 1.27 – Scotiabank

FXstreet.com (Barcelona) - The single currency is outperforming its competitors on Thursday, trading in the mid 1.33s on bullish rumours by EU officials and mixed data out of the US economy.

“As EUR approaches 1.35 we would expect resistance to intensify and continue to hold a year-end target of 1.27, expecting uncertainty and significant hurdles to weigh on EUR trading later in the year”, affirmed Chief Currency Strategist Camilla Sutton at Scotiabank.

On a technical perspective, the expert added “… mixed signals, but bulls are regaining control, pushing EUR up towards its recent high of 1.3404, with resistance intensifying at 50% Fibo (May 2011 to July 2012 fall) at 1.3492”.

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