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Analysts at Scotiabank explained that EUR/USD short-term technicals are neutral/bullish.

Key Quotes:

“EUR/USD has tested, and failed to break above, resistance at/near 1.1720 seven times since Jul now.”

“Intraday price action reflects another decent rejection of the level in European trade (large “shooting star” candle on the hourly chart) but the short-term undertone for this market remains quite constructive and we expect good support on EUR dips to the low/mid 1.16s for now.”

“A clear move above 1.1720 should see the EUR move up to the 1.19 area – possibly fairly quickly.”

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