The Euro (EUR) stays well-supported on dips, with spot buying and selling near a cent above yesterday’s session low, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Bull break from consolidation is on the playing cards
“Last German GDP was revised properly larger for Q1. Development posted a 0.4% acquire within the quarter—double the preliminary estimate and above market expectations. The info helped the EUR prolong features from the low 1.13 zone.”
“Strong features for the EUR this week are delivering a bullish get away from the downward consolidation channel (bull flag sample) that has developed over the previous month. Solidly EUR-bullish development momentum alerts recommend a major push larger in spot might resume.”
“There’s a little congestion on the day by day chart between 1.1380/1.1420 which can sluggish features within the brief run forward of a retest of the 1.16 space (and presumably larger, doubtlessly in the direction of the 1.18/1.20 vary).”
