EUR/USD: Nudges higher on the day – Scotiabank

The Euro (EUR) has picked up a little support in the low/mid-1.05s following the chop seen around Friday’s US NFP data, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

EUR holds with Friday’s intraday range

“Failure to hold and extend gains above 1.06 likely means a more cautious, range-bound trading environment for the EUR in the short run as attention switches to Thursday’s ECB policy decision and the latest ECB staff forecasts which may shape market expectations about the pace of expected rate easing into 2025.”

“The EUR has attracted firm support through European trade but is only just about finding its way back to the mid-point of the range that developed through Friday’s choppy session. The failed push above 1.06 last week may become a drag on the EUR’s near-term outlook if the market is unable to regain that point quickly. Support is 1.0525. Resistance is 1.06 and 1.0650.”