EUR/USD: headed to 1.1780/20? - Scotiabank

Ross J Burland FXStreet

Analysts at Scotiabank explained that EUR was entering the NA session with a modest 0.2% gain vs. the USD and was showing signs of stabilization following a short-lived Asian session decline to a fresh low around 1.17.

Key Quotes:

"Euro area government bond markets remain under pressure in the aftermath of the weekend referendum in Catalonia.

PPI data were stronger than expected and the remaining services/composite PMI’s are scheduled for release over the next 24 hours.

A reminder that the ECB releases its latest minutes on Thursday.

EUR/USD short-term technicals: bearish-neutral—shorter-term (hourly) charts are showing signs of a bullish reversal following a period of positive divergence in which momentum had failed to confirm the recent lows in spot.

Support has been observed in the area between 1.1700 and 1.1720 and near-term gains appear set to extend through 1.1780 toward 1.1820."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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