EUR/USD: Potentially bullish price action on the weekly chart will support the idea of a rebound – Scotiabank

Market news

2 February 2024

EUR/USD: Potentially bullish price action on the weekly chart will support the idea of a rebound – Scotiabank

EUR/USD is little changed on the day after modest, earlier gains stalled just below 1.0900. Economists at Scotiabank analyze the pair’s outlook.

EUR rally capped below 1.0900 for now

A solid rebound from Thursday’s intraday low (coinciding with a test of the 100-DMA and the 50% Fib retracement of the EUR’s Q4 rally) may well equate to the market setting the low for the EUR’s January decline.

Potentially bullish price action on the weekly chart (‘hammer’ pattern) will support the idea of a EUR rebound if confirmed today.

Support is 1.0865/1.0875. Resistance is 1.0950/1.0975.

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