EUR/USD to prolong its modest rally on a firm break past 1.06 – Scotiabank

The rebound in EUR/USD has been capped ahead of its recent high around 1.06. A sustained move above here would allow the pair to extend its advance, economists at Scotiabank report.

Support aligns at the 1.05 area

“A re-test and a firm break of 1.06 are key developments for the EUR to prolong its modest rally since mid-month.” 

“Support is the 1.05 zone followed by the overnight low of 1.0469.”