#EURUSD @ 1.09019 should make progress toward a retest of the early 2023 peak at 1.1030 – Scotiabank
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EUR/USD extends gains through the low 1.09 area. Economists at Scotiabank expect the pair to retest the early 2023 peak at 1.1030.
“The technical set up here – sequential higher highs and higher lows on the short-term charts and solid bull trend momentum on the intraday, daily and weekly oscillators – points to a sustained bull trend which should make progress towards a retest of the early 2023 peak at 1.1030 – and perhaps more.”
“While ECB comments on rate prospects have become a bit more nuanced (aside from Holzmann’s comments yesterday that a 50 bps hike was still on the cards), there has been enough concern expressed by policymakers about rising core inflation to keep a half-point move as a risk for the May policy decision (even if markets are pricing more along the lines of +25 bps).”
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