EURUSD losses may still reflect a consolidation, rather than a reversal – Scotiabank

EURUSD corrects from peaks. However, economists at Scotiabank expect still think that broader trends are bullish.

Key support aligns at 1.0095/00

“EUR losses look a little more material on the short-term chart, with spot well-capped in the upper 1.03 zone. However, EUR losses may still reflect a consolidation, rather than a reversal. We look for firmer support in the low/mid 1.02s in the short run.”

“Broader trends are bullish and do support the impression of a longer run base/reversal in the EUR in development.”

“Key resistance is 1.0375/80. Key support is 1.0095/00.”