EUR/USD is steady as markets consolidate recent gains, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

EUR consolidates in upper 1.11s

“Final Q2 German GDP data was unchanged from the preliminary report (-0.1% Q/Q) as weak consumption and investment exert a drag on growth. The ECB’s Knot and Nagel speak today.”

“Minor EUR drift from the 1.12 peak may be no more than a pause (potential bull flag) in the EUR’s still strong uptrend. RSI oscillators are signaling that the EUR is somewhat overbought but the strength of the trend higher in spot in the past four weeks or so confers a good deal of protection against counter trend corrections for now.”

“Minor support is 1.1150. Stronger support intraday sits at 1.1105/10.”