Analysts at Scotiabank explained that EURUSD short-term technicals are neutral/bullish:
Key Quotes:
“EUR/USD remains broadly range-bound.”
“There was no follow through demand to help confirm the strong rebound from Friday’s low yesterday, leaving the market to continue to pivot around the 1.15 point.”
“Spot demand remains fairly consistent on weakness but the EUR just can’t hold a bid at the moment.”
” Intraday patterns look modestly constructive at this point (bullish outside ranges on the 1- and 6-hour charts) but we think EUR/USD needs to push well through 1.1520/25 to extend today.”
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