EUR/USD could retest 1.07 area – Scotiabank

EUR/USD makes headway above 1.06. Economists at Scotiabank analyze the pair’s outlook.

Positive spin on the short-term chart

Solid EUR gains off the intraday low on Wednesday and additional gains today put a positive spin on the short-term chart which should allow EUR strength to persist for another test of the 1.07 area. 

Intraday and daily trend strength studies are aligning bullishly for the EUR which bolster support on minor dips and encourage a more persistent bid in the short run. 

A high close on the week will add a longer-term positive to the EUR’s technical position.