Shaun Osborne, Chief FX Strategist at Scotiabank, noted the bullish perspective for the pair in the short-term horizon. Key Quotes “We’ve misread the short-term charts in EURUSD in recent days; gains through the low/mid 1.12s set the market up for a full retracement of the move down from 1.1340 last week, which has been more or less achieved now”. “Support intraday is 1.1280. Spot is bumping up against 5-month trend resistance at 1.1325 as our session gets underway; a break higher will open up to the topside for a push towards 1.16/1.17”. For more information, read our latest forex news.