EUR/USD needs to extend through the 1.0600/1.0610 area to pick up more ground – Scotiabank

EUR/USD is trading a little firmer but well within recent ranges. Economists at Scotiabank analyze the pair’s outlook.

More range trading looks likely in the short-run

Short-term price action suggests demand for the EUR is firm below 1.0550 but spot needs to extend through the 1.0600/1.0610 area to pick up more ground in the short run. 

Trend momentum is positive for the EUR – but only barely so on the intraday and daily studies. That rather suggests more range trading, with a mild upside bias perhaps, in the near term.