According to FX Strategists at Scotiabank, the pair could attempt a test of the 1.1780 area in the near term. Key Quotes “ECB rate expectations are firming and yield spreads are narrowing in a EUR-supportive manner as market participants assess the implications of a fresh 5 year high in the euro area’s headline CPI (reaching 2.1% y/y). Other fundamental releases were mixed with stronger than expected German retail sales, and slight disappointment from Spanish, Italian and euro area GDP. Risk reversals are narrowing and suggest a considerable easing in the premium for protection against EUR weakness, vs. both the USD and JPY”. “EUR is extending its recent recovery and pushing to the mid-1.17s with a break of trend resistance drawn from the recent highs. Bullish momentum is increasing modestly and the directional indicators have crossed to confirm a shift in the balance of risk. EUR appears set to resolve its recent triangular consolidation in a bullish manner and we look to an extension toward 1.1780 and the early July high just under 1.18. Near-term support is expected at the 50 day MA (1.1677)”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Litecoin Technical Analysis: LTC/USD bears take a sky dive lower, after key near-term support of $80 was firmly cleared, $75 now eyed, otherwise big trouble FX Street 5 years According to FX Strategists at Scotiabank, the pair could attempt a test of the 1.1780 area in the near term. Key Quotes "ECB rate expectations are firming and yield spreads are narrowing in a EUR-supportive manner as market participants assess the implications of a fresh 5 year high in the euro area's headline CPI (reaching 2.1% y/y). Other fundamental releases were mixed with stronger than expected German retail sales, and slight disappointment from Spanish, Italian and euro area GDP. Risk reversals are narrowing and suggest a considerable easing in the premium for protection against EUR weakness, vs. both the USD… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
