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In opinion of FX Strategists at Scotiabank, the pair could attempt a test of the mid-1.1700s in the near term.

Key Quotes

“Momentum indicators have entered bullish territory following an impressive recovery from the extended, oversold levels observed in late May”.

“DMI’s remain muted however, suggesting limited trend strength reflecting the 1.15-1.1850 range that has held over the past two months”.

EUR is once again attempting a break above its 50 day MA (1.1713) and we look to an extension of near-term gains toward 1.1750 and last week’s high just below 1.18″.