EUR/USD gains appear capped around 1.0675/1.0725 – Scotiabank
|Shaun Osborne, FX Chief Strategist at Scotiabank, expects the pair to resume its downside in the near term, keeping the bearish outlook unchanged.
Key Quotes
“EURUSD gains have stalled on the short-term charts, with expected resistance in the upper 1.06/low1.07s capping gains”.
“The short-term tone remains consolidative, with the market carving out a (potential) bear flag on shorter term charts via the sideways-to-slightly higher range trade that has formed over the past two weeks. Recent history suggests that these consolidations rarely last too long”.
“We expect resistance at 1.675/1.0725 to contain gains and for the loss of support at 1.0575 to trigger renewed downside momentum”.
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.