EUR/USD: Further gains to the low 1.06 area are possible – Scotiabank

EUR/USD has reached its highest since the summer. Economists at Scotiabank believe that the pair could hit the 1.06 region.

Test of the low 1.05 area is beckoning

“A test of the low 1.05 area (50% retracement of the 2022 decline) is beckoning.”

“Broader trends are bullish, with the EUR trading above its 200-day MA and finding additional support from bullishly aligned DMI (trend strength) oscillators.”

“Further gains to the low 1.06 region are possible.”

See: EUR/USD could trade back up to the 1.0480/1.0500 area again – ING