EUR/USD has had a solid advance on the day as the pair rebounds from sub-1.06 levels. Economists at Scotiabank analyze the EUR technical outlook.

Major resistance is seen at 1.08

“Short-term EUR trading patterns lean bullish after the drift from yesterday’s high in the mid-1.06s found solid support overnight around 1.0580.” 

“Gains through the mid-1.06s target additional EUR gains towards 1.07 potentially.”

“We spot major resistance at the 1.08 level.”

See – EUR/USD: 1.05 will be the bottom of the first quarter range after all – ING