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Euro traders eye 1.17s as Scotiabank flags bullish EUR/USD momentum

Scotiabank links the near-term bias to Germany’s August ZEW survey, with the Expectations component rising to 34.

Reported · Written up by our desk · Major Pairs

FXStreet reports that Scotiabank strategists Shaun Osborne and Eric Theoret said the euro is resilient around 1.1576, and they frame the near-term EUR/USD setup as bullish based on strong intraday and daily momentum.

The strategists maintain a near-term objective for EUR/USD to break through the 1.1625 to 1.1650 area, which they say could open the door for further gains toward the mid-1.17s, while support is seen around 1.1515 to 1.1525.

FXStreet also notes that the view is supported by improving sentiment in Germany’s August ZEW survey. According to the article, the ZEW Expectations component rose to 34, above the consensus forecast of 30 and above July’s reading of 26.3.

Scotiabank added that after stalling around 1.1615, EUR/USD has slipped back toward the initial support zone in the upper 1.15s, but bullish trend momentum should help limit near-term losses.

Latest closeEUR/USD 1.157 ▲0.4%

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