EUR/USD: Momentum remains bullish,pointing to further gains – Scotiabank

EUR/USD holds around 1.08. Economists at Scotiabank expect the pair to enjoy further gains.

Hawkish ECB policymakers’ talk

“Policymakers are persisting with strong messaging on the policy outlook.”

“Minor EUR dips to the 1.08 area remain well-supported and price action appears to be carving out a short-term consolidation ahead of another push higher (bull flag/wedge pattern on the intraday chart).” 

“Momentum remains bullish, limiting EUR losses and pointing to further gains.”

“Support is 1.0775/00. Resistance (bull trigger) is 1.0870/75.”

See: EUR/USD could reach the 1.10 level amid cyclical support– MUFG