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EUR/USD gains modestly. Economists at Scotiabank analyze the pair’s outlook.

Short-term price signals are tilting somewhat positive

Short-term price signals are tilting somewhat positive but it remains to be seen if the EUR modestly firmer undertone can extend through the course of the day. 

Friday’s stalling signal (‘doji’ candle) may have been the full stop punctuation point on the EUR’s recent descent; net gains today – the more, the better – would boost EUR recovery chances. 

Initial resistance is 1.0920. 

See: EUR/USD could make a dip down to the 1.0775 area – ING

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