EUR/USD: Solid move above 1.1183 to put 1.16/1.17 on the radar for the months ahead – Scotiabank

EUR/USD makes quick progress through the upper 1.11s. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes the pair’s outlook.

The 200-Week Moving Average  of 1.1183 is a nearby bellwether to monitor

Solid gains and solid trend momentum are bringing my 1.12/1.13 target zone into range a bit more quickly than expected. 

The 200-Week Moving Average (1.1183) is a nearby bellwether to monitor. The EUR has not traded above this mark since late 2021 and it has been a pretty good pointer for the EUR tone in recent years. A solid move (a weekly close, perhaps two) above here would suggest the EUR rebound has medium/longer term legs and might put 1.16/1.17 on the radar for the months ahead.