Euro: Bullish momentum targets mid-1.17s – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note the Euro (EUR) is resilient around 1.1576, with Germany’s ZEW survey showing improving expectations and a slow recovery backdrop. Short-term EUR/USD technicals are described as bullish, with strong intraday and daily momentum.
Scotiabank strategists Shaun Osborne and Eric Theoret highlight the Euro's resilience around 1.1576, citing Germany's ZEW survey indicating improved expectations and a gradual economic recovery. Short-term technicals for EUR/USD are viewed as bullish, with significant intraday and daily momentum supporting a near-term target of breaking through 1.1625/50.
Support is pegged at 1.1515/25. Germany's August ZEW survey revealed more optimistic sentiment, with the Expectations component reaching 34, surpassing the 30 consensus forecast and higher than July's 26.3. Despite economic slow recovery, bullish trends persist as the EUR nears the 1.1600 region after a brief dip in the upper 1.15s.
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