EUR/USD to extend its race higher towards the 1.08 level – Scotiabank

FXStreet Insights Team FXStreet

EUR sellers emerge in mid-1.07s. However, economists at Scotiabank expect the pair to inch higher towards the 1.08 figure.

Support aligns at 1.0700/10

“The EUR is still struggling somewhat to make a firm and sustained push above the mid-1.07s as it settles in a consolidation band of ~1.0650-1.0750 since Tuesday. But the higher highs, higher lows price action suggests gains extending towards 1.08 shortly once the mid-figure zone gives way”

“Around 1.08, the EUR faces key trendline resistance measured from mid-Feb.”

“Support is 1.0700/10 followed by 1.0660/65.”

“We spot resistance after the mid-1.07s at the daily high of 1.0765 and the 1.08 figure area.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD remains offered near 1.1950

EUR/USD comes under pressure near the 1.1950 zone following the closing bell on Wall Street on Wednesday. The Greenback’s rebound prompted spot to face some correction while investors continue to assess the latest FOMC event. On Thursday, the focus of attention will be on the weekly US labour market data and Factory Orders.