Euro Stays Firm Ahead of ECB's Expected Rate Hike

The Euro is stable near $1.16 as markets await Thursday's European Central Bank (ECB) meeting, where a 25 bps hike and a hawkish tone are anticipated.

Scotiabank strategists Shaun Osborne and Eric Theoret note that supportive yield spreads and a fair value estimate around $1.1650 support the EUR against the US Dollar.

The pair is trading near the low end of its range, with technicals showing a marginally bullish RSI and a medium-term uptrend.