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FX Strategists at Scotiabank remain neutral on spot although a breakout of 1.1820 could shift the stance to neutral.

Key Quotes

“The best that can be said for the EUR at the moment is that the charts suggest the EUR sell off has moderated (via a potential inside range day)”.

“Short-term gains through 1.1715/20 will, if sustained, give the market a little more of a lift in the short term but there is a fair way to go for this market before short-term trends look more constructive”.

“We think a push through 1.1820 is required to lift the EUR outlook materially at this point”.