Euro Forecast: Bullish EUR/USD Sees Next Target at 1.1630

The EUR/USD exchange rate has turned bullish, according to Scotiabank analysts.

The Euro-Dollar pair finished last week around 1.1558 against the Dollar, stuck in a narrow range that has persisted for over a week.

Despite a lack of fresh fundamental momentum, foreign exchange analysts at Scotiabank see the recent recovery as the more important signal.

The bank noted that stronger imports can be seen as positive from a growth perspective, but neither the German trade data nor June industrial production released recently materially shifted EUR/USD.

Scotiabank remains bullish on the pair once it breaks above 1.1550, with its next medium-term target set at the 200-day moving average near 1.1630.