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EUR quietly trading around 1.12 – Scotiabank

Source Fxstreet

Euro (EUR) is entering Thursday’s NA session with a modest 0.2% gain vs. the USD, showing losses vs. the havens while strengthening vs. the likes of AUD and NOK in a market that is trading on the disinflationary impact of a US/Iran deal, Scotiabank's Chief FX Strategist Shaun Osborne notes.

EUR benefits from broader trends & prospect of lower oil prices

"Fundamental releases have included stronger than expected industrial production figures for the euro area and a slightly softer print for the second pass at Q1 GDP. This week’s recovery in EURUSD looks to have stalled and congestion is being observed around 1.1200."

"The RSI is remarkably quiet and chopping on either side of 50, indicating limited momentum. Near-term support is expected below 1.1100 and recent resistance has been observed above 1.1250."

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