EUR/USD to extend its race higher towards the 1.08 level – Scotiabank

EUR sellers emerge in mid-1.07s. However, economists at Scotiabank expect the pair to inch higher towards the 1.08 figure.

Support aligns at 1.0700/10

“The EUR is still struggling somewhat to make a firm and sustained push above the mid-1.07s as it settles in a consolidation band of ~1.0650-1.0750 since Tuesday. But the higher highs, higher lows price action suggests gains extending towards 1.08 shortly once the mid-figure zone gives way”

“Around 1.08, the EUR faces key trendline resistance measured from mid-Feb.”

“Support is 1.0700/10 followed by 1.0660/65.”

“We spot resistance after the mid-1.07s at the daily high of 1.0765 and the 1.08 figure area.”