EUR/USD: A squeeze higher towards 1.0900 may develop – Scotiabank

Market news

20 February 2024

EUR/USD: A squeeze higher towards 1.0900 may develop – Scotiabank

EUR/USD regains 1.0800. Economists at Scotiabank analyze the pair’s outlook.

Minor new cycle highs are adding to short-term technical strength

EUR/USD is trading higher for a fifth trading session on the trot and bearish pressure that had been accumulating on the chart since the start of January has been blunted by EUR progress to – and just about through – trend resistance (1.0785) off the late December peak.

Minor new cycle highs (above Feb 12th’s 1.0806) are adding to short-term technical strength in the EUR.

A squeeze higher towards 1.0900 may develop if the EUR can hold these gains.

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