EUR/USD: Trend higher still has legs – Scotiabank

EUR/USD nudges higher. Shaun Osborne, Chief FX Strategist at Scotiabank, expects the pair to enjoy further gains.

EUR/USD will remain supported on modest dips

“EUR/USD is trading a little higher overall on the session but short-term price action suggests that gains are a bit of a grind and are attracting some selling pressure on modest gains.”

“The broader trend higher in the EUR has lost a little momentum but the bullish alignment of trend oscillators across the short, medium and long-term DMI studies suggest (to me) that the trend higher in spot still has legs and the EUR will remain supported on modest dips (to the mid/ upper 1.08s).” 

“Resistance is 1.0970/75 but 1.10+ remains the (minimum) objective for this move up.”