EUR/USD short-term technicals: bullish - Scotiabank

Analysts at Scotiabank explained that it’s hard to argue with the price action.

Key Quotes:

"Yesterday’s close above 1.1300 is clearly bullish and suggests medium-term risks are geared towards a push to 1.17/1.18. Intraday patterns are, however, somewhat neutral, with gains stalling earlier.

We think the market may consolidate near-term but we expect firm support on dips overall. Intraday support is 1.1330 and 1.1290/00. We think the figure are should hold near-term downside tests at least.

Trend strength indicators are aligning bullishly across a range of time frames, suggesting a more entrenched trend higher is unfolding.

Expect corrections to be shallow and short-lived."