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Analysts at Scotiabank have argued that the short-term outlook for technicals are neutral/bullish.

Key Quotes:

“EUR/USD is trading a little lower again as the recent pattern of “stop/go” trading extends.”

“The markets just don’t really seem to want – or be able – to get a sustained move going one way or the other.”

“Last week’s promising (bullish) price action (outside range session Thursday) has faltered in the low 1.17s (a little shy of 1.1750 where we expected stiffer resistance to emerge). “

“We see support at 1.1620”

“We still think the EUR set an important low (now major support at 1.1500/10 last week) but markets appear unwilling to endorse a rebound at this point.”