EUR/USD needs to overcome last week’s spike high at 1.0890 to extend the uptrend – Scotiabank

EUR/USD trades firmer as short-term uptrend persists. Economists at Scotiabank analyze the pair’s outlook.

Minor dips should remain well-supported

Steady gains from the mid-February low persist, although last week’s spike high at 1.0890 represents a near-term hurdle for spot to overcome if the rally is to extend. Support looks fair solid under the EUR at 1.0810/1.0815 for now, however. 

Positive developments on the intraday and daily DMI signals suggest minor EUR dips should remain well-supported for now.

See: EUR/USD may struggle to find much sense of direction and keep hovering around the 1.0800 gravity line – ING