EUR/USD: Consolidation ahead of another push higher – Scotiabank

EUR/USD rebounds from sub-1.08 levels. Economists at Scotiabank note ongoing upside risks. 

Support looks pretty solid in the upper 1.07s

“The EUR has run into solid resistance in the upper 1.08s on a number of occasions in the past week but losses remain limited and the short-term charts continue to suggest a consolidation (bull flag) ahead of another push higher.”

“Trend intensity signals remain bullishly aligned for the EUR across a range of timeframes which should serve to sustain this situation (i.e., limited EUR losses and ongoing upside risks).” 

“The charts suggest firm support on minor dips to the upper 1.07s and ongoing upside pressure for gains towards 1.1000/50.”