EUR/USD: Only limited scope for countertrend corrections – Scotiabank

Market news

6 November 2023

EUR/USD: Only limited scope for countertrend corrections – Scotiabank

EUR/USD pushes higher to mid-1.07s. Economists at Scotiabank analyze the pair’s outlook.

Minor dips to remain well-supported

Solid gains in the EUR are bringing spot within easy reach of 1.0766, 38.2 % retracement of the H2 slide in the EUR/USD pair.

Short-term gains look a little stretched but bullish momentum suggests only limited scope for countertrend EUR corrections at this point.

EUR/USD dips to the mid/upper 1.06s are likely to remain well-supported.

Resistance is 1.0805 (100- and 200-DMA signals converge there) and 1.0863 (50% retracement).

USD/IDR: Further weakness in the pipeline – UOB

Brazil Current Account came in at $-1.375B, above forecasts ($-1.4B) in September

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