FX Strategists at Scotiabank noted the pair’s short-term outlook stays neutral/bullish, facing strong resistance in the 1.1840 area.
Key Quotes
“EURUSD is firmer but still range bound. We note that shorter term price signals are modestly constructive above 1.1620 (we think firmer technical ground for the EUR remains north of 1.1720, however) but feel a high close on the day/week would add to near-term upside pressures”.
“A high close today would form the third leg of a “morning star” bull reversal on the daily chart – reaffirming strong support at 1.1500/10 after last week’s key reversal day. Major resistance remains 1.1840″.
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