EUR/USD needs to regain the upper 1.0800 area to enjoy further gains – Scotiabank

Market news

29 February 2024

EUR/USD needs to regain the upper 1.0800 area to enjoy further gains – Scotiabank

EUR/USD remains in the mid 1.0800-1.0900 range. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes the pair’s outlook.

Flat trading in the short run

Intraday price moves leave the EUR/USD pair trading more or less mid-way between support at 1.0800 and resistance at 1.0890.

Trend momentum is weak and suggests flat trading in the short run.

Longer-term price action looks a little more supportive to my eye but spot needs to regain – and hold – the upper 1.0800 area if spot gains are to develop further.

USD/CAD shows some reluctance to push higher – Scotiabank

US Dollar retreats as traders brace for PCE inflation data

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.