Euro: Consolidation below resistance against US Dollar – Scotiabank

Scotiabank’s analysts observe that the Euro is consolidating around the 1.15 area against the Dollar, with limited Eurozone data to drive price action. They point to last week’s sharp move higher stalling at a broader bear-trend line and stress that a break above 1.1565 is needed to extend gains, while support is seen in the 1.1460/1.1480 region.

Euro holds gains near 1.15

"The EUR is little changed on the session. There were no major data reports from the Eurozone area on the session and spot appears to be content to consolidate recent gains through the 1.15 area."

"Reports suggest some net inflows into Eurozone bonds as global investors reduce exposure to US Treasury debt"

"Neutral—The snap higher in EUR/USD last week stalled at a key technical point—the broader bear trend that has guided the EUR lower from the January peak."

"Technical pointers lean EUR-bullish after a solid rise overall last week but a break above 1.1565 trend resistance is needed to lift the EUR further. Support is 1.1460/80."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)