EUR/USD edged a little higher in European trade, reflecting the general drift in the US Dollar (USD), and broke above 1.09, Scotiabank’s FX strategist Shaun Osborne notes.

EUR trades above 1.09 intraday

“The Euro (EUR) has steadied against the CHF after the cross fell sharply overall this week as havens have been in demand amid geo-political worries and weak stocks. European sovereign debt spreads have widened somewhat as Italian and Greek debt underperform in the broader wave of risk aversion.”

“The EUR has picked up a little support in European trade, reflecting a firm zone of support for the EUR around the 1.08—where all the major moving averages and retracement support (61.8% of the June/July rally at 1.0774) coalesce. EUR broke above 1.09 intraday and trades around 1.0911 level.”