EUR/USD: Break above 0.9970 needed to extend the rally meaningfully – Scotiabank

EUR/USD holds a tight range above 0.98. The pair needs to break past 0.9970 in order to see further gains, economists at Scotiabank report.

Broader downtrend remains very much intact

“Yesterday’s EUR gains through the low 0.98s was a technical positive for the EUR, in our opinion, but the broader downtrend in this market remains very much intact; a break above 0.9970 – major trend resistance –  is needed for the EUR rally to really extend meaningfully.”

“Intraday support is 0.9825/30. Resistance is 0.9880.”