EUR/USD: odds are in favour of the euro reaching the 1.18 zone (Scotiabank)

Scotiabank says that the EUR/USD could climb to 1.18.

"The EUR/USD is moving above 1.17 for the first time since the beginning of the month.

The short-term trend indicators look positive for the EUR/USD, with the rise since the middle of the month well supported by the support line and bullish momentum on the H1, H6 and daily charts.

Price action is constructive on the weekly chart.

This suggests that there is a good chance of the EUR/USD rising to the 1.1790/1.1800 area in the short term."