EUR/USD: Weekly close above 200DMA at 1.0380 to reinforce bullish momentum – Scotiabank

EUR/USD consolidates above the 200-Day Moving Average (DMA) at 1.0380. A weekly close above here would add bullish potential, economists at Scotiabank report.

EUR to remain well-supported on modest dips

“Intraday trading patterns show the EUR edging towards a test of the Nov uptrend at 1.0380, a break below which may undercut some of the positive sentiment that has developed around the EUR over the past few weeks.” 

“We look for the EUR to remain well-supported on modest dips.”

“A weekly close above the 200DMA (1.0380) will add to the EUR’s bullish momentum.”