EUR/USD retains a modest uptrend in quiet trade. Economists at Scotiabank analyze the pair’s outlook.
EUR supported on minor dips
A solid uptrend has developed since the middle of the month and EUR gains are well-supported by a positive alignment of intraday and daily trend momentum signals. The weekly oscillator is on the cusp of a tilting positive as well. This should mean EUR dips are well-supported at or around short-term bull trend support at 1.0835/1.0840.
The markets should also be able to press higher to retest last week’s high and short-term resistance at 1.0890.
A daily close above the 40-DMA (1.0847) should add to positive EUR momentum.
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