EUR/USD: Break above 1.0905 to put 1.10 in reach again – Scotiabank

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.

See: EUR/USD to have a chance to get back closer to the pandemic peak level – SocGen