EUR/USD: Short-term charts reflect sideways trading, momentum indicators are flat – Scotiabank

EUR/USD drifts ahead of ECB policy decision. Economists at Scotiabank analyze the pair’s technical outlook.

Support is 1.0700/1.0710, Resistance is 1.0750

Short-term charts reflect sideways trading in spot and momentum indicators are flat. 

EUR price action had shown signs of some bargain-hunting buying into last week’s lows near 1.07 but the market’s failure – so far – to develop more of a bid leaves a bit of a question mark over technical prospects. 

Support is 1.0700/1.0710. Resistance (minor bull trigger) is 1.0750 on the day.