EUR/USD: Potential bull consolidation ahead of another push higher – Scotiabank

EUR/USD consolidates in the mid-1.06 area. Economists at Scotiabank analyze the pair’s outlook.

Bullish reversal pattern developing

Intraday price signals indicate the EUR may have based, with a bullish reversal pattern developing on the six-hour chart around the daily low just under 1.0660. This is near where spot picked up support earlier this week. 

Broader patterns suggest a potential bull consolidation ahead of another push higher in the EUR after the early November recovery from the low 1.05s. 

Intraday EUR support is 1.0655. Resistance (bull trigger) is 1.0715.