EUR/USD: Gains need to extend a bit more clearly through 1.08 to generate more momentum – Scotiabank

EUR/USD rebound extends but gains through low 1.08s needed to extend, economists at Scotiabank report.

Investors continue to scoop it up on minor corrections

EUR gains from the late May low point have extended a little more as investors continue to scoop it up on minor corrections.

Gains perhaps need to extend a bit more clearly through 1.08 to generate more momentum; 1.0810 is the 38.2% retracement of the 1.1091/1.0635 decline through May. Above here targets a return to the 1.09 zone. 

Support is 1.0740/50.