EUR/USD stays neutral/bearish near term – Scotiabank
|FX Strategists at Scotiabank sees the pair’s outlook to remain neutral to bearish in the short term horizon.
Key Quotes
“Daily price signals suggest that the EUR rally has stalled. A large “shooting star” candle around yesterday peak implies the rally has turned. Intraday price action shows spot catching a modest bid off of the 1.0845/50 area in late morning London trade, however, and we rather think that the EUR downside will only open up more significantly below 1.0820 near-term. We see firm short-term support at 1.0785 now and strong resistance at 1.0900/25”.
“We remain bearish on EURUSD and still see fundamental and political challenges ahead for the EUR”.
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