EUR/USD: No strong incentive to push the pair lower at this point – Scotiabank

EUR/USD holds range above support in the low/ mid-1.08 range. Economists at Scotiabank analyze the pair’s technical outlook.

Gains through 1.0910 resistance to provide renewed upside impetus for a retest of 1.10

Spot trends retain a soft undertone on the short-term chart but there is no strong incentive to push the EUR lower at this point and recent dips have been well-support around the 40-Day Moving Average (1.0828 currently) and the low/ mid-1.08s should remain firm support. 

Gains through 1.0910 resistance off the June 22nd high will provide renewed upside impetus for a retest of 1.10.