EUR/USD setting up for renewed gains and a retest of 1.10+ – Scotiabank

Market news

7 July 2023

EUR/USD setting up for renewed gains and a retest of 1.10+ – Scotiabank

EUR/USD recovers back to the upper 1.08s with some ease. Economists at Scotiabank analyze the pair’s outlook.

Bullish above 1.09

The EUR is heading for a third weekly loss against the USD but weakness has been limited from the 1.10 area and the EUR has found consistent support on dips.

Price action generally is forming a bullish consolidation (wedge pattern) which appears to be setting the EUR up for renewed gains and a retest of 1.10+.

Resistance is 1.0895/05 (bullish break out above here). Support is 1.0825/35.

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