The Euro (EUR) is firmer versus the US Dollar (USD), rising through the low 1.09 area that had capped gains in the past few weeks to reach its highest level since March, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

EUR may extend gains to the 1.10/1.11 range

“The EUR is firmer versus the USD, rising through the low 1.09 area that had capped gains in the past few weeks to reach its highest level since March. EUR/CAD has also broken through recent range peaks to near the mid-1.49s, the highest since late 2023. The EUR has largely ignored Trumps comments on tariffs that were specifically aimed at the EU.”

“The charts reflect a positive technical undertone for the EUR. Spot gains have extended through recent highs to reach the best level since March. The EUR is making headway above major, long-term trend resistance and gains are supported by a bullish alignment of trend oscillators on the intraday, daily and weekly charts.”

“That should mean minor EUR dips (to the high 1.08/low1.09 area) are well supported and these factors tilt risks towards EUR gains extending to the 1.10/1.11 range in the near-term.”