Analysts at Scotiabank noted that EUR/USD short-term technicals are neutral/bearish.
Key Quotes:
“EUR/USD retains a soft tone on the daily charts but Friday’s net gain (positive price action on the daily and intraday charts) remains a reminder that the EUR weakness can still draw buyers. Intraday price patterns suggest EUR offers in the low/mid 1.14s, however, and EUR price action on the day so far looks soft.”
“Look for spot to remain better offered for now but we continue to feel that scope for significant, additional weakness is limited while the 1.1300/25 area holds the downside.”
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