In light of FX Strategists at Scotiabank, the pair could break above the current consolidative theme.
“EURUSD is treading water in quiet trade, awaiting a stronger directional impulse. We remain constructive on the overall outlook for the EUR and recall that seasonal trends tend to improve for the EUR from late March/early April”.
“EURUSD continues to idle in a range around 1.2350. Shorter-term trend signals are flat, underscoring the non-directional nature of the trading environment at present. We think the broader set-up favours a bullish resolution to the current range trade but weakness below 1.2350 on the session today may see more drift to the downside in the short run”.
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