EUR/USD: UNDERLYING TRENDS REMAIN EUR-BULLISH – SCOTIABANK
The Euro (EUR) is steady on the session and looks quite comfortable trading on a 1.10 handle.
Minor dips to the low/mid 1.09s possible for EUR
“There were no Eurozone data reports this morning and spot has mostly flatlined after drifting back from yesterday’s intraday high. Real and nominal EZ/US rate spreads are EUR-supportive and the EUR appears fundamentally underpinned by the compression in (still negative) yield spreads in recent weeks (well enough for gains to stretch to the mid/upper 1.10s).”
“Spot gains are consolidating in the short run. EUR losses from the intraday high yesterday are not enough at this point to suggest that a deeper correction is likely. Underlying trends remain EUR-bullish, with spot gains supported by an alignment of bullish trend oscillators on the intraday, daily and weekly DMIs.”
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