EUR/USD may extend gains to 1.0800/1.0810 in the short run – Scotiabank

EUR/USD nudges higher. Economists at Scotiabank analyze the pair’s outlook.

Momentum remains EUR-bearish

The EUR’s track higher from Tuesday’s low looks corrective at this point – although the rebound from 1.0720 matches the November low and therefore warrants attention as a potentially more durable base. 

EUR/USD has made minor progress on the intraday chart which may allow for EUR gains to extend to 1.0800/1.0810 in the short run but momentum remains EUR-bearish and spot remains some way off more stable (bullish) technical ground (above 1.0875).