EUR/USD: very constructive from a technical view - Scotiabank

Analysts at Scotiabank explained that EUR/USD’s move to new, major cycle highs over the past week looks very constructive from a technical point of view. 

Key Quotes:

"Intraday price action suggests that the EUR rally to just shy of 1.23 earlier has been checked but there is no obvious sign of a major reversal developing."

"We expect firm support on dips to the low 1.22 area and continue to view minor EUR dips remain a buy."

"More broadly, having traded well through 1.2167 retracement resistance last week, we think EUR/USD should continue to rally towards the 1.25/1.30 range."

"Trend strength indicators are bullishly aligned across short, medium and long run oscillators."