EUR/USD scope for a move to 1.1750/75 – Scotiabank

FX Strategists at Scotiabank note the pair could extend the upside momentum to the 1.1750/75 band.

Key Quotes

“Charts are a little more supportive for the EUR outlook following Thursday’s strong, bullish reversal in price action (key reversal day)”.

“EUR gains have been capped at 1.1675 consistently since late last week, however, and the EUR should look for good support now on dips to the 1.1620/30 area if the formation is to deliver any additional, near-term relief. Key support now is 1.1500/10”.

“Gains through 1.1675 should see the EUR move up to the 1.1750/75 congestion area fairly quickly”.