EUR/USD gains modestly as support in the low 1.07 area holds. Economists at Scotiabank analyze the pair’s technical outlook.
“Gains are marginal and are not – yet– indicative of a firm technical base in place.”
“Price could be consolidating ahead of another push lower. Still, if the 1.0726 point can hold on a weekly close basis, the EUR may have the technical chops to push a little higher still next week.”
“Gains through 1.0755/65 would be technically positive. A clear push under the low 1.07s would, on the other hand, pave the way for a drop to 1.05.”
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