EUR/USD to witness additional gains on a break past 1.06 – Scotiabank

FXStreet Insights Team FXStreet

EUR/USD strengthens into high-1.05s. A break above the 1.06 level would open up further gains towards the next big figure, economists at Scotiabank report.

EUR/USD holds in a minor upward trend since mid-month

“The EUR is heading into a test of its 50-day MA at exactly the 1.06 figure, as it holds in a minor upward trend since mid-month.”

“The EUR is now aiming for a test of the big figure that quickly triggered selling pressure earlier this month and is a key zone to beat to preserve the EUR’s ascent.”

“Beyond the figure, the 1.0640/50 zone is resistance followed by the next big figure.”

“Support is the daily low of 1.0550 followed by 1.0520 and the 1.05 figure area.”

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FXStreet Insights Team

FXStreet

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