EUR/USD appears bullish in the near term – Scotiabank

FX Strategists at Scotiabank believe the pair could advance to the mid-1.2400s in the short-term horizon.

Key Quotes

“EURUSD has traded steadily higher through the overnight session, building on gains seen through the end of last week from the low 1.22 area. Price action looks constructive, with the EUR finding solid support on dips in European trade”.

“We see support on weakness to the 1.2355/60 area now and key resistance at 1.2440/45 (broader consolidation ceiling). Look for firm support on dips and extended EUR gains above 1.2450”.