EUR/USD: Potentially bullish price action on the weekly chart will support the idea of a rebound – Scotiabank
|EUR/USD is little changed on the day after modest, earlier gains stalled just below 1.0900. Economists at Scotiabank analyze the pair’s outlook.
EUR rally capped below 1.0900 for now
A solid rebound from Thursday’s intraday low (coinciding with a test of the 100-DMA and the 50% Fib retracement of the EUR’s Q4 rally) may well equate to the market setting the low for the EUR’s January decline.
Potentially bullish price action on the weekly chart (‘hammer’ pattern) will support the idea of a EUR rebound if confirmed today.
Support is 1.0865/1.0875. Resistance is 1.0950/1.0975.
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.