Economists at Scotiabank analyze EUR/USD technical outlook.

Broader trend higher remains intact

EUR gains are more of a grind off of last week’s low but the fact that the 40-Day Moving Average support (1.0845) held the EUR slide is meaningful and suggests the broader trend higher remains intact, even if oscillators are somewhat mixed. 

Gains should be able to extend towards the 1.10 area again if intraday gains can push through minor resistance at 1.0950.

See – EUR/USD: ECB’s clearly hawkish policy approach contrasts with the Fed and should support the Euro – Scotiabank