EUR recovers from sub-1.13 dip in quiet labour day trade – Scotiabank

FXStreetMay 1, 2025 12:00 PM

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Euro (EUR) is entering Thursday’s NA session unchanged from Wednesday’s close, finding modest support following a short-lived dip below 1.1300, Scotiabank's Chief FX Strategist Shaun Osborne notes.

EUR/USD’s trend remains bullish

"The euro area data calendar is empty and most major European countries are closed for Labour Day, which should allow the EUR to trade on broader market themes ahead of Friday’s preliminary CPI release. The ECB will also release an economic bulletin on Friday, offering the possibility of some analysis of global trade and risks related to tariffs."

"EUR/USD’s trend remains bullish despite the last couple of weeks of consolidation around 1.14. The RSI is bullish but drifting below 60 and hinting to a loss of momentum. The 1.1350 congestion level offers support below 1.1300 and resistance above 1.1500."

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