EUR/USD needs to regain 1.15 to improve outlook – Scotiabank
|According to FX Strategists at Scotiabank, the pair’s upside focus remains on the 1.1500 region.
Key Quotes
“Eurozone CPI was finalized at 2.1% Y/Y, which will be of modest comfort to ECB policy makers, while the ECB reported current account surplus of EUR23.5bn for Jun, narrower than the upwardly revised surplus of EUR 24.4bn seen in May. Data reflect a significant jump in net portfolio and foreign direct investment into the Eurozone in the month which should be modestly supportive at least for the EUR”.
“EURUSD made modest progress earlier in the session but EUR gains were capped in the 1.14 region, close to yesterday’s peak (and minor trend resistance at 1.1410). Intraday gains through 1.1415 should see the EUR extend modestly but we still think regaining 1.15 is needed to effectively stabilize or improve the technical picture. Weekly patterns suggest the EUR sell off has stabilized”.
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.