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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