EUR/USD is unchanged on the day, Scotiabank’s chief FX strategist Shaun Osborne notes.

EUR may try to test the 1.0950 resistance

“European natural gas prices have risen to the highest since late 2023 this week, reflecting supply disruption concerns after Ukraine made a major advance into the Kursk region in Russia. Prices remain well below 2021/22 peaks and European storage levels remain elevated, however, which should mitigate concerns about the economic impact on the Eurozone.”

“The Euro (EUR) is holding the consolidation range established after the US Dollar’s (USD’s) sharp fall between last Friday and Monday. Short-term trends look flat and momentum is weak. The EUR put in a solid, bullish gain overall last week and minor dips should remain well-supported to the 1.0850/75 range. Resistance is 1.0950 and 1.10.”