EUR/USD to test the 1.0650/1.0750 range on weekly close above 1.0517 – Scotiabank

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EUR/USD maintains gains above 1.05. Economists at Scotiabank expect the pair to extend its advance toward the 1.0650/1.0750 range.

Technical trend remains bullish

“EUR/USD remains well-supported near the high of the week and looks well-positioned to advance a little more at least in the near term as broader USD sentiment weakens.”

“A weekly close above 1.0517 (50% retracement of the 2022 decline) should be sufficient to push EUR gains on the 1.0650/1.0750 range.”

“Trend signals are aligned bullishly on short, medium and long-term oscillators which should limit counter-trend corrections (to the high 1.04s) and keep the EUR grind higher on track for more gains.”