EUR/USD to turn technically bullihs on a sustained move above 1.02 – Scotiabank

EUR/USD rose from an opening level of around 1.0050 in Asian trade to near 1.02 in European dealing before drifting back. Economists at Scotiabank note that a break past 1.02 would technically be bullish.

Support aligns at 1.0050/55

“Strong EUR gains on the session brought spot to within a whisker of key trend resistance off the Feb high (1.0206) earlier. The EUR has retreated from the intraday high but short-term price dynamics remain positive for the pair, which maintains the strong, short-term uptrend that developed earlier last week.”

“We see support at 1.0050/55 intraday.”

“Solid gains above the 1.02 area would be technically bullish from a medium-term point of view.”