EUR/USD needs to regain the upper 1.0800 area to enjoy further gains – Scotiabank

EUR/USD remains in the mid 1.0800-1.0900 range. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes the pair’s outlook.

Flat trading in the short run

Intraday price moves leave the EUR/USD pair trading more or less mid-way between support at 1.0800 and resistance at 1.0890. 

Trend momentum is weak and suggests flat trading in the short run. 

Longer-term price action looks a little more supportive to my eye but spot needs to regain – and hold – the upper 1.0800 area if spot gains are to develop further.