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EUR/USD is trading lower near 1.0980. Economists at Scotiabank analyze the pair’s outlook.

Scope for losses looks limited

EUR/USD gains are looking stretched and perhaps in need of some consolidation. Underlying trend dynamics are, however, aligned bullishly for the EUR and losses are likely to be shallow and short-lived for now.

Initial support is likely to be firm on dips to 1.0955/1.0965. Losses below there may see the EUR decline to 1.0875/1.0900 before renewed buying pressure emerges. 

The near-term bull target remains at 1.11.

 

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