The Euro (USD) trades flat near the midpoint of its intraday range, supported by stronger-than-expected German and French industrial data. Technical indicators point to bullish momentum, hinting at a possible advance toward 1.18 and beyond, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

German factory orders lift Euro briefly

"The EUR is trading virtually flat on the session and just below the midpoint of the intraday range so far. The EUR caught a mild bid earlier in Europe on the back of stronger than expected German Factory Orders and French IP data but gains stalled in the upper 1.16s. Eurozone GDP was also revised marginally higher to 0.3% Q/Q in Q3."

"The EUR retains a firm technical undertone but gains are failing to make any advance beyond the recent peaks in the upper 1.16s. Strengthening bull momentum on the short-term oscillators suggests a push higher, and perhaps an advance towards 1.18+, remains possible."