Daily close through 1.0790 would be a bullish cue for the Euro – Scotiabank

EUR/USD has eased from early session highs but is little changed on the session. Economists at Scotiabank analyze the pair’s outlook.

Support is at 1.0720/1.0725

EUR/USD losses from the intraday peak cast a somewhat negative look on short-term price action and rather imply building downside risk for the EUR again. Longer run price signals are a bit more EUR-supportive after the EUR rebound from last week’s low left a bullish ‘doji’ candle on the weekly chart, however. 

EUR/USD support is 1.0720/1.0725. 

Gains (and a daily close) through 1.0790 would be a bullish cue for the EUR.