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FX Strategists at Scotiabank noted the pair should ideally advance to 1.1725 to allow for extra gains.

Key Quotes

EURUSD is slightly better positioned on the short-term charts following the sharp move through the 1.16 area yesterday, leaving a small gap on the intraday chart which now serves as support for the market intraday”.

“The 1- and 6-hour trend signals are aligned a little more positively for the EUR which should underpin near-term support for the EUR. We spot resistance at 1.1650, however, and rather feel that the EUR will need to push on to – and extend through – 1.1725 to bolster risks of a more sustained move (towards 1.19/1.20)”.

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