After experiencing three solid days of gains, EUR/USD is currently consolidating above 1.11, reaching its highest level since December. This insightful analysis comes from Scotiabank’s Chief FX Strategist, Shaun Osborne.
Breaking Down the Numbers: A Push Above 1.1140/50 Could Lead to a Test of Low 1.12s
Despite the lack of major data reports this morning, all eyes are on tomorrow’s Eurozone negotiated wages data for Q2, which could potentially offer some guidance on ECB policy risks. As of now, the spot is consolidating just below minor resistance at 1.1140, which was December’s peak. Intraday and daily oscillator signals are showing signs of being very stretched, indicating a possible pause in the EUR’s recent bullish trend in the short term.
However, any minor dips to the mid/upper 1.10s are likely to find strong support. If there is a push above 1.1140/50, the next target could be a drop to the low 1.12s.
Expert Analysis and How It Affects Your Finances
Shaun Osborne’s analysis provides valuable insights for investors and traders in the financial markets. By understanding the current trends and potential future movements of EUR/USD, individuals can make informed decisions about their investments. Whether you are a seasoned investor or just starting out, staying updated on the latest market analysis can help you navigate the complex world of finance with confidence.