EUR/USD could see gains extended to 1.2000/50 – Soctiabank
|FX Strategists at Scotiabank noted the pair could attempt a rebound to the area beyond the 1.2000 handle.
Key Quotes
“EURUSD has found a bit of a bid in the past few hours after reaching the low 1.18 area in early European dealing”.
“The market has seen a sustained – and largely correction-free – run lower since the mid-April peak above 1.24 and the sell-off is looking a bit stretched now”.
“Intraday price action suggests a bullish outside range formation on the 6- hour chart. We expect gains through short-term trend resistance at 1.1895/00 will trigger more, corrective gains in the short-term towards the 1.2000/50 range”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.