EUR/USD support emerges at 1.1650/20 – Scotiabank
|Eric Theoret, FX Strategist at Scotiabank, sees the pair’s stance at neutral/bearish in the near term horizon.
Key Quotes
“A reminder that next week’s Jackson Hole speech from President Draghi is said to contain no major shift in tone. The 10Y Germany-U.S. yield spread is hovering just above –180bpts and EUR risk reversals remain neutral across a range of time horizons”.
“Daily momentum indicators are threatening a push into bearish territory and DMI’s have converged. The 9 day MA appears poised to break below the 21 day MA. Near-term support levels include 1.1650 and 1.1620 followed by a sizeable gap toward the lower 1.15 area. Near-term resistance is expected above”
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.