According to short-term technicals, the pair’s near term outlook remains on the neutral/bearish side, noted FX Strategists at Scotiabank.
Key Quotes
“EURUSD is tracking a modestly higher course in early dealing but spot is essentially consolidating yesterday’s losses at the moment”.
“Trend signals are neutral across a range of timeframes, suggesting that price action will continue to drift while last week’s slide off the peaks above 1.17 will continue to colour the broader outlook for the EUR somewhat negatively for now”.
“We see support in the mid 1.15s and resistance in the low 1.16s. Above 1.1605/10 may see the EUR regain a little more altitude in the short run”.
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