The EUR is steady on the day, Scotiabank's Chief FX Strategist Shaun Osborne notes. 

EUR retains bullish undertone

"German data earlier revealed a larger than expected rise in Industrial Production (2.0% in the January month, above forecasts for a 1.5% gain) while Germany also reported a smaller than expected trade surplus (EUR16bn) for January." 

"EZ/US short-term spreads have steadied but the EUR may not have fully digested the recent narrowing in differentials. Our fair value estimate for spot has improved to 1.0979, suggesting still significant upside potential in the EUR in the short run." 

"Spot is consolidating but the bull trend remains firmly established on the short– and medium-term oscillators. Solid gains through 1.0805 resistance (now support) targets further gains to the mid/upper 1.10s in the short run— and possibly a retest of the late September peak at 1.1215."