EUR/USD technical picture is looking a touch more positive with today’s recovery from the 1.13 but it is still too early to call a clear change in direction while below the 1.1370/75 zone, in the opinion of economists at Scotiabank.

EUR/USD may resettle into the 1.12-1.14 range

“The EUR will have to move above the mid-figure zone followed by 1.1370/75 to suggest a clearer rejection of downward pressure – and possibly move back above 1.14.”

“Support after 1.13 is yesterday’s low of 1.1280 followed by the mid-1.12s.”

“EUR/USD may resettle into the 1.12-1.14 range where it traded through December and the first half of January.”