Scotiabank strategists Shaun Osborne and Eric Theoret highlight that the Euro (EUR) is steady, extending a tight consolidation around the mid-1.15s after the Dollar’s late-July Fed-driven decline. EUR/USD trades close to a fair value estimate based on 2-year Germany–US yield spreads, with sentiment-driven correlations strengthening and a quiet data and European Central Bank (ECB) calendar pointing to continued range trading. Euro steady in tight range"The EUR remains steady as it extends its tight consolidation in the mid-1.15s, with limited overall movement observed in the period following the USD’s broad Fed-driven decline from late July." "The EUR continues to trade in tandem with a narrow FV estimate based on 2Y Germany-US yield spreads, currently at 1.1563." "Recent resistance has been observed around 1.1580 and we see additional resistance closer to 1.1600 and the 200 day MA at 1.1630.