EUR/USD is little changed from Friday’s close as early spot gains above 1.02 in European trade were quickly erased. Economists at Scotiabank look for more range trading in the short run, with the EUR retaining a soft undertone.

EUR/USD needs to erode 1.2035/45 to enjoy further gains

“A look at the short-term EUR chart shows spot moving sideways in a broad 1.0125/1.0275 range over the past three weeks, leaving spot at levels which are enticing neither for buyers nor sellers in the short run.” 

“Short-term gains will need to push through and hold above 1.0235/45 to have any chance of extending.”

“Support is 1.0155/65 intraday.”