According to Scotiabank’s Chief FX Strategist Shaun Osborne, the Euro (EUR) is receiving strong support during market dips and is currently trading close to one cent above its lowest point from yesterday’s session. The final GDP report for Germany showed a significant increase for the first quarter, with a 0.4% growth that surpassed market expectations. This has further boosted the EUR’s gains from the previous low level of 1.13. This week’s solid performance has resulted in a bullish breakout from the downward consolidation channel that has formed in the last month. The EUR’s trend is currently showing strong momentum towards an increase in spot prices. However, there may be some resistance in the short term, as seen on the daily chart, between the 1.1380 and 1.1420 levels. It is expected that this consolidation might slow down the gains before reaching the 1.16 mark, and potentially even higher towards the range of 1.18 to 1.20.