Analysts at Scotiabank explained that the EUR has resolved its recent consolidation in the mid-1.22s with a recovery back toward the midpoint of its February range around 1.2350.
"Momentum signals are close to neutral and DMI’s are diverging in a bullish manner.
EUR is attempting to sustain the break of its short-term MA’s (21 day 1.2334, 9 day 1.2346) and we highlight several nearterm resistance levels including 1.2380, 1.2400, and 1.2450. Support is expected at 1.2250."
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