Scotiabank strategists Shaun Osborne and Eric Theoret describe the Euro (EUR) as steady in the mid-to-lower 1.15 area, trading close to fair value based on 2-year US–Germany spreads. Fundamentals and sentiment are seen as constructive, underpinning EUR recovery since early Q3. The trend in both fundamentals (spreads) and sentiment (risk reversals) is constructive, providing a solid basis for the EUR’s latest recovery since the start of Q3." "Bullish – the EUR’s latest recovery has been important, delivering a clear bullish shift in momentum and a break of trend resistance with the push above the 50 day MA (1.1476)." "Short-term price action has revealed additional near-term resistance around 1.1550, however we see nothing major ahead of the 200-day MA at 1.1630.