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Analysts at Scotiabank argued that EUR/USD’s rejection of the low 1.15 area looks a fair bit more compelling from a technical point of view as spot moves through short-term trend resistance.

Key Quotes:

“The EUR still has some work to do and we see a cluster of minor technical points between the 1.1720/45 area that may constitute a belt of price “congestion” to hamper EUR gains in the near-term.”=

“However, the EUR sell-off is very stretched and prone to a modest rebound at least from here.”

“Above 1.1750 is technically positive. We see support intraday at 1.1645/50 now.”