EUR/USD remained well-supported close to yesterday’s highs for a lot of the in a single day session earlier than creeping above 1.16 forward of the North American open, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret observe.
Bullish pattern momentum to assist maintain positive factors by 1.16
“There didn’t look like any specific motive for the advance however we stay constructive on the outlook for the EUR, contemplating the challenges dealing with the USD. German Manufacturing facility Orders for June had been weaker than anticipated at –1.1% M/M (+1.0% forecast). Eurozone Retail Gross sales for June rose 0.3% as anticipated.”
“Spot has struggled to increase positive factors above 1.1590 (50% retracement of the late July drop) since Friday’s sharp rebound however is making a bit extra progress in early commerce to date as we speak. Bullish pattern momentum on the intraday charts ought to assist maintain positive factors by 1.16 and prolong in the direction of 1.1640/50 within the brief run—however a rebound by 1.17+ stays potential. Assist is 1.1530/40.”
