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FX Strategists at Scotiabank maintain the neutral outlook on the pair, although they agree that the prospects stay constructive in the longer run.

Key Quotes

EUR gains stalled just below 1.18, leaving the short-term technical picture looking a little soft this morning. Spot has eased under short-term trend support around 1.1735 and is retesting the 1.1720 area””formerly resistance””as North American trade picks up”.

“Sustained losses below here would rob the market of more of the constructive momentum that had developed in the past few days and leave spot back in the broader 1.15/1.17 trading range. Weekly technical signals remain bullish, however, and longer term risks remain tilted higher”.