EUR/USD to enjoy further gains towards 1.1000/1.1100 on a sustained push through 1.0890 – Scotiabank

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6 March 2024

EUR/USD to enjoy further gains towards 1.1000/1.1100 on a sustained push through 1.0890 – Scotiabank

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

Bullish technical momentum builds

The technical trend in the EUR/USD pair remains positive, even with gains still blocked by resistance at 1.0880/1.0890.

Steady gains from the mid-February low have the support of strong, bullish momentum on the intraday and daily DMI studies. The weekly DMI is moving into bullish territory as well.

A daily close above 1.0865 (38.2% Fib retracement of the December/February selloff) or a clear and sustained push through 1.0890 should drive more EUR gains towards 1.1000/1.1100.

Support is 1.0840 and 1.0800.

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