The Euro (EUR) is little changed on the day and continues to consolidate recent gains, Scotiabank's Chief FX Strategist Shaun Osborne notes. 

Bullish trend remains intact

"Short-term spreads have corrected a little, helping trim the EUR rally but differentials remain broadly supportive. January Eurozone Industrial Production was flat in the January month, versus expectations of a 0.8% m/m drop. December output was revised up to (a still weak) 1.5% decline."

"EURUSD continues to consolidate. Spot losses are extending for a second day and testing support in the upper 1.08s but the broader, technical undertone remains constructive and dips to the low/mid 1.08 area should remain supported. Key short-term support is 1.0805. Resistance is 1.0950 and 1.10."