EUR/USD consolidates in the mid-1.06 area. Economists at Scotiabank analyze the pair’s outlook.
Bullish reversal pattern developing
Intraday price signals indicate the EUR may have based, with a bullish reversal pattern developing on the six-hour chart around the daily low just under 1.0660. This is near where spot picked up support earlier this week.
Broader patterns suggest a potential bull consolidation ahead of another push higher in the EUR after the early November recovery from the low 1.05s.
Intraday EUR support is 1.0655. Resistance (bull trigger) is 1.0715.
