EUR/USD: lower end of two-week range exposed, eyes on 1.1750 and 1.1720 - Scotiabank
|Analysts at Scotiabank explained that the EUR is soft, threatening the lower end of its two-week range around 1.18.
Key Quotes:
"Stronger than expected German factory orders failed to provide support and EUR appears to have disregarded constructive comments from the ECB’s Mersch as he spoke of the need for a ‘credible perspective of an exit’ from policy accommodation."
"Spreads are showing signs of stabilization and risk reversals hint to a moderation in the premium for protection against EUR strength."
"Near-term support is expected between 1.1750 and 1.1720. Resistance is expected above 1.1880."
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