EUR/USD still bearish near-term – Scotiabank

Chief FX Strategist at Scotiabank Shaun Osborne has reiterated the negative outlook on the pair in the short-term.

Key Quotes

“EURUSD has moved sideways overnight and remains capped in the upper 1.13s”. 

“We continue to characterize the technical backdrop here as bearish because of the weak close for the market last Friday, which essentially put the seal on a broader, medium-term bear reversal in EURUSD”.

“We think technical factors suggests EURUSD upside prospects are limited from here and that downside risks are rising”.