Sideways range trade remains intact – Scotiabank

EUR/USD recovers from the low 1.0800s. Economists at Scotiabank analyze the pair’s outlook.

ECB hawks downplay early rate cut

Pushback on the idea of earlier cuts from some European Central Bank (ECB) hawks today may have helped lift the EUR. 

The EUR’s retest of the past week’s range extended a little below the 1.0820 base seen earlier this week but not by much and the positive price reaction since the dip to 1.0813 earlier suggests that the sideways range trade remains intact. 

Resistance is 1.0920/1.0930.