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Analysts at Scotiabank explained that EUR is up modestly vs. the USD and outperforming most of the G10 along with its European currency peers GBP, NOK, and SEK.  

Key Quotes:

“Fundamental releases have been limited to stronger than expected German IFO business confidence figures out of Germany.”

“Speculative futures positioning (CFTC) remain neutral and risk reversals suggest a continued erosion in the premium for protection against EUR weakness vs. the USD and JPY and a rise in the premium for protection against EUR strength vs. GBP.”

“There appear to be no major resistance levels ahead of the midpoint of the 2018 range (1.1928) and the 200 day MA around 1.1950.”