FX Strategists at Scotiabank expect the pair to continue within the recent sideline theme in the near term.
“The USD rebound at the start of the week blunts the risks of an immediate drop in the market following last week’s bearish outside range week reversal but that development remains the salient feature of the charts in our opinion and shades the broader outlook for the USD to the downside while the USD remains below 1.30”.
“Short-term patterns suggest a range-bound market, however, with the USD’s gains Monday getting bogged down in the low 1.29 congestion range. Look for 1.28/1.29 (roughly) to persist for now.
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