EUR/USD: New cycle highs above 1.0930 needed to give a bit more lift – Scotiabank

EUR/USD rebounds from below 1.08. Still, a break past 1.0930 is needed to extend the rise, economists at Scotiabank report.

Key support is 1.0700

“EUR gains have lost some technical momentum on the short-term charts but the underlying trend higher remains intact.” 

“Firm gains from below the 1.08 level suggest the undertone remains relatively constructive but new cycle highs (above 1.0930) are needed to give the EUR a bit more lift in the short run and drive gains on through 1.10+.”

“Support is 1.0800/25. Key support is 1.0700.”