EUR/USD: Ongoing pressure for gains to extend to 1.1000/50 – Scotiabank

EUR/USD closed out last week strongly and will look to build on gains through the 1.0700/50 area in the coming days and weeks, economists at Scotiabank report.

Bull trend develops on the charts 

“European fundamental data suggests economic resilience and out-performing European stocks remain attractive for investors.”

“Look for spot to remain well-supported on shallow dips.” 

“The overall technical set up in EUR/USD remains bullish– a solid trend higher is evident on the short, medium and long-term charts, backed by solid-looking oscillators. This should mean limited scope for EUR losses (high 1.07s) and ongoing pressure for gains to extend to 1.1000/50.”