EUR/USD scope for an extension to 1.1750 – Scotiabank

In opinion of FX Strategists at Scotiabank, the pair could attempt a test of the mid-1.1700s in the near term.

Key Quotes

“Momentum indicators have entered bullish territory following an impressive recovery from the extended, oversold levels observed in late May”.

“DMI’s remain muted however, suggesting limited trend strength reflecting the 1.15-1.1850 range that has held over the past two months”.

“EUR is once again attempting a break above its 50 day MA (1.1713) and we look to an extension of near-term gains toward 1.1750 and last week’s high just below 1.18”.