EUR/USD: Breaks above 1.09 – Scotiabank
|EUR/USD edged a little higher in European trade, reflecting the general drift in the US Dollar (USD), and broke above 1.09, Scotiabank’s FX strategist Shaun Osborne notes.
EUR trades above 1.09 intraday
“The Euro (EUR) has steadied against the CHF after the cross fell sharply overall this week as havens have been in demand amid geo-political worries and weak stocks. European sovereign debt spreads have widened somewhat as Italian and Greek debt underperform in the broader wave of risk aversion.”
“The EUR has picked up a little support in European trade, reflecting a firm zone of support for the EUR around the 1.08—where all the major moving averages and retracement support (61.8% of the June/July rally at 1.0774) coalesce. EUR broke above 1.09 intraday and trades around 1.0911 level.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.