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FX Strategists at Scotiabank note the pair could extend the upside momentum to the 1.1750/75 band.

Key Quotes

“Charts are a little more supportive for the EUR outlook following Thursday’s strong, bullish reversal in price action (key reversal day)”.

EUR gains have been capped at 1.1675 consistently since late last week, however, and the EUR should look for good support now on dips to the 1.1620/30 area if the formation is to deliver any additional, near-term relief. Key support now is 1.1500/10″.

“Gains through 1.1675 should see the EUR move up to the 1.1750/75 congestion area fairly quickly”.