EUR/USD to pick up a little more support towards 1.08 on gains through 1.0765/70 – Scotiabank

EUR/USD losses appear to be steadying around the 1.07 point. A break past the 1.0765/70 area could lift the pair to the 1.08 level, economists at Scotiabank report.

Hawkish messaging from the ECB to keep the EUR underpinned

“We think the relatively hawkish messaging from the ECB will serve to keep the EUR underpinned in the short run and that losses to the 1.07 area may provide an opportunity for bargain-hunters to step up to re-establish long positions that were squeezed out by the past week’s volatility.”

“Intraday gains through 1.0765/70 should see spot pick up a little more support towards 1.08.”