#EURUSD @ 0.98533 : Break above 0.9970 needed to extend the rally meaningfully – Scotiabank
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EUR/USD holds a tight range above 0.98. The pair needs to break past 0.9970 in order to see further gains, economists at Scotiabank report.
“Yesterday’s EUR gains through the low 0.98s was a technical positive for the EUR, in our opinion, but the broader downtrend in this market remains very much intact; a break above 0.9970 – major trend resistance – is needed for the EUR rally to really extend meaningfully.”
“Intraday support is 0.9825/30. Resistance is 0.9880.”
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