EUR/USD could break out toward a test of 1.16 – Scotiabank

EUR/USD continues to trade in a narrow 1.1400-1.1450 channel. Analysts at Scotiabank spot a technical pattern that could imply a move towards the 1.16 level.

Support past 1.1400/90 is 1.1370

“EUR price action is forming a bullish flag pattern that could see it break out toward a test of 1.16.”

“Resistance past the mid-figure zone is 1.1484 followed by 1.1515/25 (the lows of Oct/Nov).”

“Support past 1.1400/90 is 1.1370, the mid-1.13s, and the 50-day MA at 1.1324.”