EUR/USD challenges 1.07. However, the shared currency may need a catalyst to extend gains, economists at Scotiabank report.

Further EUR upside currently looks limited

“Price action over the past few days suggests a stalling in the EUR’s recovery from the mid 1.03s since mid-May.” 

“Daly gains were limited to ~1.0720 and price action showed limited signs of aiming for a push to key 1.0750 resistance (with the 50-day MA also standing at 1.0755).”

“The 1.07 zone, the intraday low of 1.0664, and the mid 1.06s area stand as support.”