EUR/USD set to grind higher and reach the 1.12 area – Scotiabank

Market news

3 May 2023

EUR/USD set to grind higher and reach the 1.12 area – Scotiabank

EUR/USD’s rebound from mid-1.09s extends. Economists at Scotiabank discuss the pair’s technical outlook.

Broad range trade holds

“EUR/USD continues to consolidate in a broad range but the technical underpinnings for the EUR are bullish across a range of timeframes which will keep my focus on limited downside potential and ongoing pressure for an extension higher in the EUR (to 1.12+) in the near-to-medium term.”

“Resistance is 1.1075/95. Support is 1/0940/50 and 1.0900/10.”

See – EUR/USD: Failure to reclaim the 1.1070 hurdle can take the pair gradually lower – SocGen

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