EUR/USD: A weekly close above 1.0580 will be technically bullish – Scotiabank

EUR/USD retains a positive undertone. Economists at Scotiabank note that a weekly close above 1.0580 will be technically bullish.

EUR’s technical resilience looks impressive

“Minor dips are finding decent support near the mid 1.05 zone which may help revive spot gains for a retest of the upper 1.05s into the end of the week.”

“The EUR’s technical resilience looks impressive, from our point of view; it shrugged off a hefty (technically negative) loss earlier this week and remains within striking distance of 1.06.” 

“A weekly close above 1.0580 will be technically bullish from a medium-term point of view.”