EUR/USD: BREAK ABOVE 1.0905 TO PUT 1.10 IN REACH AGAIN – SCOTIABANK

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EUR/USD recovers from low 1.08s support. Economists at Scotiabank analyze the pair’s technical outlook.


EUR/USD is forming a bullish reversal

Short-term charts suggest a major rejection of the low 1.08 area has developed. Recall that the 40-Day Moving Average sits at 1.0826 currently. 


Intraday price action shows the EUR forming a bullish reversal (outside range on the 6-hour chart) off the earlier low. 


Major trend resistance sits at 1.0905; a break above here puts 1.10 in reach again.

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